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Ratan Tata to retire today

Posted on Dec 28, 10:54AM | IBNS

Ratan Tata will retire as chairman of the Tata group, India's best-known business conglomerate, on Friday, his 75th birthday.

Forty-four-year-old Cyrus Mistry, who was chosen as his successor in 2011, will take over.

Tata headed the group for 21 years and transformed it from just another business house to a global brand with high-profile acquisitions abroad and net worth of over USD 100 billion.

Among the major acquisitions during Tata's tenure were Tata Tea's acquisition of UK brand Tetley, Tata Steel taking over Anglo-Dutch steel maker Corus and Tata Motors buying Jaguar-Rover.

Tata, among other achievements, will be remembered for the Rs 1 lakh Tata Nano car.

Though it has not been as as big a hit as expected, people will remember his efforts to provide a "safer" conveyance to the not-so-rich.