New Delhi: The board of Tata Sons on Friday reappointed N Chandrasekaran as its executive chairman for another term of five years in a board meeting on Friday.
Ratan Tata, who was a special invitee to this meeting, expressed his satisfaction on the progress and performance of the Tata Group under the leadership of N Chandrasekaran, according to the statement of the company.
Tata recommended his term be renewed for a further five-year period.
In a board meeting at Bombay House in Mumbai, the members commended the performance of N Chandrasekaran and unanimously approved his reappointment as executive chairman of the group, Tata Sons said in a statement.
“It has been a privilege to lead the Tata Group for the last five years and I am delighted at the opportunity to lead the Tata Group for another five years, in its next phase,” said 58-year-old Chandrasekaran.
In the past five years, under the leadership of Chandrasekaran, Tata Group has scaled new heights. It was during his tenure that Tata Sons acquired Air India from the government.
In October last year, Tata Sons announced acquisition of Air India for Rs 18,000 crore from the government.
Tata Group already owns two airlines, Tata SIA Airlines and AirAsia India, and the acquisition of Air India and its subsidiary, Air India Express will increase Tata’s combined market share to over 25 per cent in the airline industry.
Before taking Air India under its fold, Tata Steel acquired Bhushan Steel through insolvency process in May 2018 for Rs 35,200 crore after the company defaulted on bank loans.
In May last year, Tata Sons announced that it has acquired Big Basket with a valuation of the company at Rs 9,500 crore.
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across 10 verticals.