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Industrial giant Tata removes chairman

Published 24/10/2016

Cyrus Mistry has been removed as chairman of the giant Indian conglomerate (AP)
Cyrus Mistry has been removed as chairman of the giant Indian conglomerate (AP)

Indian conglomerate Tata, which owns the Port Talbot steelworks in Wales, has removed its chairman Cyrus Mistry.

Mr Mistry's removal comes four years after he took the reins of the industrial giant and the company did not give any reasons for his departure.

The board of directors at the group's holding company, Tata Sons, has named former group chief Ratan Tata as interim chairman and set up a panel to choose a permanent replacement.

"The committee has been mandated to complete the selection process in four months," the company said in a statement.

Tata Sons also owns the Jaguar and Land Rover brands, as well as Tetley Tea.

It is one of India's oldest industrial houses and comprises more than 100 companies including Tata Steel, Tata Motors, Tata Power and the IT giant, Tata Consultancy Services.

The future of the loss-making Port Talbot steelworks is still uncertain, with Tata understood to be mulling a joint venture with rival ThyssenKrupp after putting a sale of the plant on pause in July.

Tata employs almost 7,000 workers around Wales, including more than 4,000 at its plant in Port Talbot, south Wales.

Unite national officer Harish Patel said: "Steelworkers at Tata UK are world class and have been making some of the best steel in the world against a backdrop of continued uncertainty.

"Unite will be seeking guarantees about their jobs and pensions from Tata's new interim chairman who needs to act to bring certainty to the steelmaking business along with a promise that Tata will continue to act as a responsible employer."

Press Association

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