Ratan Tata bids adieu, Cyrus Mistry takes over
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He was chosen by a 5-member panel last year to succeed Ratan Tata.
During Ratan Tata's tenure, the group's revenues grew manifold, totalling USD 100.
09 billion (around Rs 475,721 crore) in 2011-12 from a turnover of a mere Rs 10,000 crore in 1991.
Tata led the group into some notable acquisitions, starting from Tetley by Tata Tea for USD 450 million in 2000, to steelmaker Corus by Tata Steel in 2007 for GBP 6.2 billion and the landmark Jaguar LandRover in 2008 for USD 2.
3 billion by Tata Motors.
Courtesy the acquisitions, over half of the salt-to-software group's revenues are derived from outside the country. Not limiting himself to big-ticket acquisitions, Tata also displayed sensitivity to the needs of the burgeoning middle class with the launch of the Rs one lakh Nano battling the odds in West Bengal.
The group was forced to shift the project from Singur, where he was invited by Marxist Chief Minister Buddhadeb Bhattacharya, to Sanand in Gujarat at the invitation of Narendra Modi.
Although Nano could not live up to the expectations after its initial worldwide acclaim, the small car will still be remembered as Tata's desire to provide a "safer" option to many Indian lower-middle class families riding two-wheelers.
In a recent interview to PTI, Tata has said that Singur was a "great disappointment" because he went there "in a leap of faith" thinking that part of the country was being ignored industrially. Tatas will still go to West Bengal someday, he has said.
Under Tata, the group also made great strides when it capitalised on the sunrise industry of information technology in the 90's. With revenues of over USD 10 billion in 2011-12, Tata Consultancy Services (TCS) is today India's largest IT company, ahead of giants in the field like Infosys and Wipro.