Mumbai: The Tata group, India's oldest and best-known conglomerate, on Friday named a five member panel to search for a successor to chairman Ratan Tata, who will retire by the end of 2012.
The panel includes N A Soonawala, Cyrus Mistry and R K Krishnakumar, who are directors at group holding firm Tata Sons. The other members include lawyer Shirin Bharucha, and UK professor Lord Bhattacharya.
The Tata group said on Wednesday it had begun its search for a successor for 72-year-old Tata. The panel will look within the company as well as outside and overseas. This marks the first time an Indian family-run conglomerate is looking overseas to fill the top spot.
With annual revenue of more than $ 70 billion, and with 357,000 employees worldwide, Tata group's 98 operating companies derive more than 65 per cent of revenue from overseas.
The group, founded in 1868, runs India's top vehicle maker Tata Motors, top software services firm Tata Consultancy Services, top private sector power producer Tata Power and the world's seventh-largest steel maker by output, Tata Steel.
On Thursday, Rata Tata told reporters in Mumbai that the process of selecting a successor was likely to take six to seven months.
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