Business Irish

Wednesday 17 September 2014

Irishman in Tata driving seat

Published 07/12/2012 | 05:00

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On December 28, a somewhat unlikely Irishman will take charge of one of the world's biggest conglomerates.

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Cyrus Mistry (pictured), a 44-year-old construction tycoon in India, will assume executive chairmanship at Tata when its 74-year-old patriarch, Rajan Tata, steps down after steering the family group since 1991 (he'll turn 75 that day too).

With interests including Jaguar/ Land Rover under its belt, which it acquired from Ford in 2008 for about €1.7bn, Tata is sitting pretty.

Its Jaguar/Land Rover unit alone recorded pre-tax profits of £1.5bn (€1.8bn) in its last financial year.

Rajan Tata tells a British newspaper this week that Cyrus Mistry (the Mistry family owns about 18pc of Tata) will be his own man when he takes over the top role.

Mr Mistry's father secured Irish citizenship in 2003 through his wife, Patsy Perin Dubash, who was born in Dublin in 1939.

Rajan Tata says he has told Mr Mistry, who also holds an Irish passport, to cherish the ethics and values built by the group.

"Other than that, I think Cyrus is going to and should be his own man in terms of what he does and how he structures the organisation," says Mr Tata.

"He is much more finance-orientated than I am. I have been much more intuitive in that sense, it is technical excitement or something that has perhaps driven me."

Whatever it is that drives Mr Mistry, the IDA is probably wishing he'd aim some of it over here.

Irish Independent

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