NEW DELHI, Jan. 13 (Xinhua) -- India's largest business conglomerate, the Tata Group, has named a new chairman for its holding company Tata Sons.
Natarajan Chandrasekaran, who is currently the chief executive officer of the group's IT service provider Tata Consultancy Services, will take over as the executive chairman of Tata Sons from Feb. 21, the company said in a statement Thursday evening.
"We believe he will now inspire the entire Tata group to realize its potential acting as leaders in their respective businesses, always in keeping with our value system and ethics and adhering with the practices of the Tata Group which have stood it in good stead," the statement said.
Chandrasekaran will replace the previous incumbent Cyrus Mistry, who was suddenly ousted as the chairman of Tata Sons in October 2016 after leading the company for four years, triggering a bitter management feud that became media headlines in India and abroad.
In fact, the 53-year-old was taken on the board of Tata Sons on Oct. 25, a day after its board ousted Mistry and named Tata Group's heir Ratan Tata as the interim chairman. Mistry was sacked on charges that he disregarded Tata traditions, values and ethos.
Chandrasekaran has served the Tata Group for the past 30 years and known as "Tata Lifer". Under him, Tata Consultancy Services grew tremendously both in terms of profits and stature, becoming one of India's most valuable company with a market capitalisation of 67 billion U.S. dollars.
A 103-billion-U.S.-dollars conglomerate, Tata Sons is the holding company for Tata Group, a business empire ranging from Jaguar Land Rover and Tata Steel to aviation and software.
