Cyrus Mistry feels 'honoured'

Expressing his gratitude to the selection committee and board of directors, Mistry said: "I feel deeply honoured by this appointment. I am aware that an enormous responsibility, with a great legacy, has been entrusted to me."

He said he "looked forward to (Ratan) Tata’s guidance in the year ahead in meeting the expectations of the Tata Group. "I take this responsibility very seriously and in keeping with the values and ethics of the Tata Group," Mistry said.

He also committed himself to legally dissociate himself from the management of his family businesses to avoid any issue of conflict of interest with his new assignment. Mistry, 43, is the younger son of construction tycoon Pallonji Mistry and belongs to a family which is one of the largest shareholders in the $71 billion Tata Group.