NEW DELHI: The Tata group may not have to wait for another five years for a new leader with chairman Ratan Tata readying to step aside provided a worthy successor is found. Tata, under whose 16-year-leadership the group has become a global conglomerate with several global acquisitions, told a news channel the period of his stay at the helm would depend on his ability to find a successor.
"According to the rules that we have, I have five more years to go. I may not stay all of those five years if I have a successor in place by then," said Tata, who in 1991 took over the reins of the conglomerate that now has a market cap of $52.7 billion as on August 23 this year.
Asked if he might find a successor in place soon, Tata said: "I hope so because there are many things I want to do." The group chief of 96 operating companies, employing 2.46 lakh people, agreed that he was waiting to liberate himself.
"In many ways thats something I would absolutely agree with you. Thats something I am longing to do," Tata said. Tata also confirmed that he is interested in acquiring British car makers Jaguar and Land Rover, worth an estimated £1.5 billion, from their current owner the Ford Motor Company.
Tata said his interest was a result of the need to expand Tata Motors worldwide reach. The Indian market currently accounts for more than 90% of Tata Motors sales.
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