Tata Sons chairman hands over reins to Cyrus Mistry.
Ratan Tata, one of India’s esteemed corporate leaders and the traveling force behind the world’s cheapest car, friday with words of caution for the Tata Group’s almost half a million employees retired.
The difficult financial environment will probably continue for the majority of next year and can want a dramatic cut in costs, Mr. ??? ???? ???????? Tata wrote in a farewell message to workers of the 0 billion Tata Group. ???? ????
“We will probably find continued constraints in customer demand, over capacity and increased competition from imports [into India],” Mr. Tata wrote in an email reviewed by The Wall Street Journal.
Click here to find out more!Mr. Tata hands over the post of chairman of Tata Sons-which owns a range of companies including U.K.-based Jaguar Land Rover Ltd. and Tetley Tea-to 44-year aged Cyrus Mistry.
Tata companies, whose interests are spread across sectors such as salt, software and steel, need to be aggressive and widen their product range to better address customer needs, Mr. Tata said.
The combined group may also need to contain its debt and work hard to retain margins, he added.
However, “this gloomy picture is a passing phase seemingly,” Mr. Tata said.
“I would like to convey for you how privileged I have already been to possess had the chance of leading this great group during the last two years, through memories and poor,” Mr. Tata said.
The industrialist, known for his strict adherence to ethics despite India’s murky corporate and government culture sometimes, said he is pleased with the manner where his employees have faced crises such as for example adverse market conditions, organic calamities and even terrorism.
Mr. Tata experienced stood outside Mumbai’s Taj Mahal Palace hotel in November 2008, helping evacuate employees and guests when terrorists attacked the property.
Friday, he said also that he’s confident that India’s times of robust development shall return.
“The near future growth of the combined group will be led in the coming years by Cyrus Mistry,” Mr. ??? ???? ????? Tata said.
Mr. Mistry may be the son of a structure baron who is the biggest shareholder in Tata Sons, the holding firm for the Tata Group’s wide-ranging interests.
Mr. Tata last tackled shareholders of his group on Aug. 31 in Kolkata, the administrative centre
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