Tata Sons, the promoter of the $71 billion Tata Group, has decided to find a successor to the Group`s present Chairman Ratan Tata. who will retire in December 2012, when he turns 75. Tata Sons has set up a panel to search for a successor to Ratan Tata.
Meanwhile, Noel Naval Tata, 53, could be the next chairman of Tata Group. The half-brother of Ratan Tata has a very strong chance of leading India`s leading Industrial house. Sources in Bombay house, the head office of Tata group in Mumbai, say that finally Novel would become the successor of Ratan Tata once he demits the office in 2012.
"The Board of Tata Sons Ltd has formed a selection committee comprising five members, including an external member for eventually deciding on a suitable successor to Ratan N Tata," Tata Sons, the Group`s holding company, said in a statement.
Tata, 72, is due to retire in December 2012 when he would turn 75.
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