Tata group searches for successor of Ratan Tata

Tata Group, one of the largest and oldest conglomerates in the Indian industry that has become a synonym of industrial growth of the country, is searching for a successor to its one of the most successful and prominent Chairman Ratan Tata by the end of year 2012. According to industry reports, the group has started searching for a successor to Mr Tata, who would turn 75 (the retirement age set by the group) in Dec, 2012. The company  has set up a five member panel for this task.

It is widely speculated that the industry giant could see its first-ever non-Indian chief executive as the group is mulling over to hire a chairman from overseas to lead one of the most diversified industrial group in the world that earns more than 65 percent of its revenue from overseas operations. However, the speculation about election of Mr Noel Tata, (53 years old half brother of Mr Ratan Tata), as a possible successor are also doing rounds in the market.

Mr Ratan Tata has been credited for taking the group to the global platform and increasing its footprints worldwide. The group witnessed a robust growth ever since Mr Ratan Tata acquired the top position in it. The companies that have been benefited the most during his tenure include the Tata Steels and Tata Motors. The launch of world's cheapest car Tata Nano in the Indian market has always been considered the biggest ever contribution in the growth of Tata Motors which is currently country's second largest car maker after auto giant Maruti Suzuki. With this, the company had overtaken two British luxury car makers including Jaguar Cars and Land Rovers in year 2008. 

At present, Tata Group's total revenue is over $70 billion, derived from its 98 operating companies world wide along with as many as 357,000 employees.