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TMCNet:  Mistry is Tata Power chairman, TCS dy chief [Financial Express (India)]

[November 09, 2012]

Mistry is Tata Power chairman, TCS dy chief [Financial Express (India)]

(Financial Express (India) Via Acquire Media NewsEdge) Ratan Tata on Thursday stepped down as chairman of Tata Power after 14 years, handing over reins to Tata Sons chairman-designate Cyrus Mistry. With this, Tata Power became the first company in the $100 billion salt-to-software group to appoint Mistry chairman.

On the same day, Tata Consultancy Services (TCS) appointed Mistry as its deputy chairman with immediate effect and chairman-designate. He will take over as chairman on Tata's retirement in December. Mistry has been director of TCS, India's largest IT services exporter and part of the Tata Group. On Wednesday, he took over as deputy chairman of Tata Motors. He is also a director at other group companies like Tata Industries, Tata Steel, Tata Power and Tata Teleservices.

Mistry joined the board of Tata Power last December. He has previously served on the board of Tata Power for 10 years. A director of Tata Sons since 2006, he was appointed deputy chairman of Tata Sons in November 2011.

Mistry was appointed deputy chairman for Tata Motors on Wednesday and is set to head the automaker when Tata retires.

The Tata Group, steeped in India's industrial history and one of the most recognisable brands in the country, was founded by Ratan Tata's great-grandfather Jamshedji Tata.

Mistry, the son of Irish-Parsi construction tycoon Pallonji Mistry, is set to be the sixth chairman of the group and the second not named Tata after Sir Nowroji Saklatvala.

While Mistry may not have the Tata name, the family has many links with the group.

His sister, Aloo, is married to Noel Tata, half-brother of Ratan Tata. The Pallonji family has held a stake in Tata Sons since the 1930s when Mistry's grandfather invested in the company.

Copyright 2012 The Indian Express Online Media Pvt. Ltd., distributed by Contify.com Credit: fe Bureau (c) 2012 The Indian Express Online Media Pvt. Ltd., distributed by Contify.com

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