Mistry: Padding up
Mumbai, Nov. 8: The countdown to the creation of a new order at the $100-billion Tata group has begun.
Cyrus P. Mistry (44), who is set to take over as the chairman of the group from Ratan Tata next month, was today appointed chairman of Tata Power.
Tata Power is the first entity in the Tata group where Mistry has been appointed the chairman.
Ratan Tata is due to retire when he turns 75 in December.
“Effective November 8, Ratan N. Tata has stepped down as chairman of Tata Power and Cyrus P. Mistry has been appointed chairman,” the company said in a statement.
Ratan Tata, who has been on the company board since 1989, would remain on the board till his retirement.
Mistry was inducted into the Tata Power board on December 23 last year.
“He (Mistry) also served on the board of Tata Power earlier for 10 years (from 1996 to 2006). A director of Tata Sons since 2006, he was appointed deputy chairman of Tata Sons in November 2011,” the statement said.
Tata Power has an installed generation capacity of 6,899MW.
In November last year, the Tata group had announced that Mistry would lead the group after Tata retired. Since that announcement, Mistry has been working with Tata.
He has also been appointed to the boards of various companies to gain first-hand experience of the diverse group before taking over.
Meanwhile, TCS said in an announcement that Mistry had been appointed deputy chairman of the company with immediate effect. On Wednesday, Mistry was appointed deputy chairman of Tata Motors.