Mumbai: Ratan N. Tata, chairman of Tata Sons Ltd, the holding company of the Tata group, has stepped down as chairman of Tata Power Co. Ltd, the company said on Wednesday.
Cyrus P. Mistry, the current deputy chairman of Tata Sons, has been appointed chairman of the power company starting 8 November. Ratan Tata will, however, continue to be on the board of Tata Power till his retirement in December.
Ratan Tata had joined the Tata group in 1962 when he was only 25 years old. He was appointed the chairman of Tata Sons in 1991. Since then, Tata group companies have made overseas acquisitions, including those of Jaguar Land Rover Plc, Tetley and Corus. He also oversaw the launch of the world’s cheapest car Nano.
Mistry, who takes over from Ratan Tata, was inducted onto the board of Tata Power on 23 December 2011. He also served on the board of Tata Power earlier for 10 years (from 1996 to 2006).
Tata Power is India’s largest integrated power company with a significant international presence. It has an installed generation capacity of 6,899 megawatts in India.