Monday 26 February 2018

Business giant Tata Sons removes chairman Mistry

No reason was given for Mr Mistry's removal
No reason was given for Mr Mistry's removal

The board of Indian conglomerate Tata Sons has removed Cyrus P Mistry as its chairman.

Former group chief Ratan Tata has been named as interim chairman and will set up a panel to choose a new chief.

Tata Sons owns Jaguar and Land Rover as well as Tetley Tea.

It is one of India's oldest industrial houses and comprises more than 100 companies, including Tata Steel, Tata Motors, Tata Power and the IT giant, Tata Consultancy Services.

The company did not give any reasons for Mr Mistry's surprise removal.

Growth in Tata Sons, India's largest business group, has slowed in recent years, with turnover falling to 103 billion dollars last fiscal year from 108 billion dollars the previous year.

Press Association

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