Ratan Tata has thrown in the towel as his position of chairman at the Tata Group.
However, the magnate, whose company is involved in a wide range of sectors, from cheap cars, to software services, to steel, warned that cuts would be likely thanks to the expected floundering economic climate of 2013.
In a letter to the company’s half a million employees, Tata claimed that the business would probably see continued constraints in consumer demand, over capacity and increased competition from imports into India.
As a result, the company needed to be aggressive and widen its product range to better address customer needs, as well as work hard to contain its debt and margins.
That advice now rests on the shoulders of 44-year old Cyrus Mistry, who is the son of a construction baron who also happens to be the largest shareholder in Tata Sons.