Wednesday, November 23, 2011

Cyrus Mistry new head of Tata empire, feels 'honoured'

MUMBAI: recently appointed vice president of Tata Sons Cyrus Mistry P, which will succeed the chairman Ratan Tata on his retirement next year, said Wednesday he feels "deeply honored".

Expressing its appreciation to the selection committee and board of directors, Mistry said: "I feel deeply honored by this appointment, I am aware that a huge responsibility, with a large inheritance, has been entrusted to me .."

He said he "looks forward (Ratan) Tata advice in the coming years to meet the expectations of the Tata Group.

"I take this responsibility very seriously and in harmony with the values ​​and ethics of the Tata Group," said Mistry.

He also committed to dissociate themselves from the law of the management of his family business to avoid any question of conflict of interest with his new assignment.

Mistry, 43, is the youngest son of magnate Pallonji Mistry construction and belongs to a family that is a major shareholder of the group $ 71 billion Tata.

His last name can not be Tata, Cyrus Mistry but is as close as an outsider could come.

Announced Wednesday that the heir Ratan Tata, the group's long-time president, Mistry became the head of a trade group in India most storied.

A selection team of five men - which included 43 years Mistry himself - spent 15 months looking for a successor to 73 years, Tata, a process which had closely monitored India Inc riddles.

Ultimately, the court need not look far. Mistry's father first bought shares in Tata Sons in 1930, an issue that is currently at 18.5 percent in the hands of the father of Mistry, Pallonji Mistry, the largest shareholder of a firm mainly controlled by the trusts.

The Honorary President, who will lead a group with incomes over $ 83 billion, is the brother-brother Noel Tata, Ratan Tata's half-brother. Christmas Tata was considered by many observers to have been the forerunner in the race for the presidency.

Mistry father, a reclusive billionaire with a fortune estimated at $ 7.6 billion according to Forbes, has paved the way for the ascendancy of his youngest son at the head of a group founded by Ratan Tata's great-grandfather.

In the circles of Tata, Pallonji is nicknamed the "Phantom of Bombay House" for a calm but assured that controls power around the seat of South Mumbai Tata empire.

When Pallonji removed from the board of Tata Sons in 2006, having been granted an extension of one year, the age limit of 75, his then 38-year-old son walked into his shoes.

According to Ratan Tata, he did not let the name down. "I was impressed by the quality and caliber of his participation, his astute observations and humility," Tata was quoted as saying in a statement Wednesday.

"He is intelligent and qualified to take the responsibility to be available."

Mistry will chair the sixth session of the Group and the second the name of Tata.

Two fund managers holding shares in Tata group companies wishing not to be identified told Reuters that Mistry is relatively unknown in the Indian business community.

"I am surprised, yes, but at the end of the day, it is not controversial, given its position as a major shareholder," AM Naik, chairman of engineering conglomerate Larsen & Toubro told Bloomberg UTV news channel.

Mistry, who received the unanimous support of the selection committee, became vice-president of Tata immediately and will work with Ratan Tata for the next 12 months before taking the reins of the group in December 2012.

He is no stranger to the stresses and strains of life at the top of a vast business empire, after leading Shapoorji Pallonji Group family since 2003, where he oversaw revenue of over $ 2 billion.

A company of 147 years, Shapoorji boasts the highest residential building in India and the largest clinker plant in Asia.

ARticle source:- http://timesofindia.indiatimes.com/business/india-business/Cyrus-Mistry-new-head-of-Tata-empire-feels-honoured/articleshow/10845570.cms

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