Mumbai: Tata group chief Ratan Tata on Tuesday stepped down as Chairman of Tata Global Beverages with immediate effect, making way for successor Cyrus Mistry, who has also been inducted into the board of Indian Hotels Company. In two separate filings to the BSE, the two firms said the respective meetings of the Board of Directors decided the changes as per Tata's retirement plans in December 2012.
"Effective November 20, 2012, Ratan N Tata has stepped down as Chairman of Tata Global Beverages Ltd and Cyrus P Mistry has been appointed Chairman," the company said. Tata, however, will continue as one of the directors on the Board of Tata Global Beverages till his retirement in December 2012, it added.
Mistry was inducted on the Board of Tata Global Beverages in June 2012. In a separate filing, Indian Hotels Company said, "Mistry has been appointed as an Additional Director, designated as the Non-Executive Chairman of the company." IHCL and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.
Ratan Tata stepped down making way for successor Cyrus Mistry, who has also been inducted into the board of Indian Hotels Company.
On Tata's retirement in December, 2012, Mistry will take the charge of IHCL, whose "unsolicited" $1.86 billion buyout offer for luxury hotels chain Orient Express was recently rejected by the New York Stock Exchange-listed firm. This was the second takeover attempt by Indian Hotels, which holds about 7 per cent in Orient Express.
Mistry has been a director of Tata Sons since 2006 and was appointed Deputy Chairman last November. Earlier this month, he was appointed as the Deputy Chairman of Tata Steel and Tata Chemicals. Tata Motors and Tata Consultancy Services had also inducted Mistry as Deputy Chairman.
Tata Global Beverages' shares on Tuesday closed trading 2.96 per cent down at Rs 159.10 apiece on the BSE. Shares of IHCL closed at Rs 59.90 per unit, down 2.28 per cent from its previous close.