Tata Group Current Affairs - 2019
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The board of India’s largest conglomerate Tata Sons Ltd has removed Cyrus Pallonji Mistry (48) as Chairman. However he will remain a director of the individual companies.
The board has replaced him with his predecessor Ratan Tata as interim chairman for four months. Mistry had shortest tenure as Chairman so far at the group.
Mistry had replaced Ratan Tata as chairman in December 2012. He was only the sixth group Chairman in nearly 15 decades and the first from outside the Tata family to be appointed to top most post of Tata group.
Besides, the board also named a five-member search committee to choose a successor within four months. It has given time of four months to choose a successor.
About Cyrus Pallonji Mistry
- Cyrus Pallonji Mistry is son of the billionaire Pallonji Shapoorji Mistry.
- Prior to his appointment as chairman he was deputy chairman of Tata Sons. He had remained the director of Tata Sons since 2006.
- Billionaire Pallonji Mistry, along with his sons, Shapoor Mistry and Cyrus Mistry are owners of 18.5% stake in Tata group. They are largest shareholders on individual basis of group.
- He also had served as chairman of Tata Motors, Tata Chemicals, Tata Steel and Tata Global Beverages.
Tata Advanced Systems Ltd (TASL) and US-based Bell Helicopter have signed a deal to jointly develop the helicopter market in India.
The agreement seeks to support of India’s aviation and defence modernization initiatives with an emphasis on ‘Make in India’.
Under this agreement
- Both companies will jointly develop the helicopter market in India, including potential production and assembly, training, maintenance, repair and overhaul (MRO).
- They will also undertake research and development (R&D) and technology sharing. They will develop both commercial and government (including military) rotary wing markets in India.
About Tata Advanced Systems Limited (TASL)
- TASL is the strategic Aerospace and Defence arm of the TATA Group. It is a wholly owned subsidiary of Tata Sons.
- TASL is the fastest emerging company in India’s Defence and Aerospace sector. It has established capabilities and demonstrated deliveries in Aerospace & Aero-Structures, Missile Systems, Radar Systems and Command & Control Systems etc.