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The Maharashtra government has declared a day of mourning on Thursday (October 10) to honour the late <keyword id="19981455" type="General" weightage="100" keywordseo="Ratan-Tata" source="keywords">Ratan Tata</keyword>, a towering figure in Indian industry, who passed away on Wednesday night at the age of 86. Tata, celebrated for leading the <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> to international acclaim, died at Breach Candy Hospital in Mumbai following a brief illness. In the early hours of Thursday morning, his remains were transported from the hospital to his Colaba residence, accompanied by a police escort. Several prominent figures, including Maharashtra Chief Minister <keyword id="19913631" type="General" weightage="20" keywordseo="Eknath-Shinde" source="keywords">Eknath Shinde</keyword>, Deputy Chief Minister Devendra Fadnavis, Education Minister Deepak Kesarkar, and industrialist Mukesh Ambani, visited the hospital upon learning of his passing. The Maharashtra Chief Minister’s Office confirmed that, as a mark of respect, the state flag would be flown at half-mast on Thursday, and all entertainment activities would be paused for the day. The public will have the opportunity to pay their respects to Ratan Tata at the National Centre for the Performing Arts (NCPA) in south Mumbai, where his body will lie in state from 10 am to 3:30 pm. Tata’s final rites are scheduled to be performed later on Thursday in Worli. Meanwhile, Maharashtra Chief Minister Eknath Shinde announced late Wednesday night that Ratan Tata will be accorded a state funeral. In a post on X, CM Shinde described Tata as a “unique blend of morality and entrepreneurship” and hailed him as a living legend who successfully led the Tata Group, a conglomerate with a 150-year legacy. “Ratan ji Tata’s mortal remains will be accorded a state funeral,” Shinde said as per a PTI report. Praising Tata’s legacy, Shinde said that the industrialist will remain a source of inspiration for future generations of entrepreneurs. He also recalled Tata’s unwavering strength during the 26/11 terror attacks, when the Tata Group’s Taj Hotel in Colaba was one of the primary targets of the 2008 tragedy. “His resoluteness during the 26/11 terror attack will always be remembered,” the Chief Minister added. Tata, born on 28 December 1937 in Mumbai, was the driving force behind the growth of the Tata Group from 1991 until his retirement in 2012. He was also known for his philanthropy, serving as Chairman of the <keyword id="20869864" type="General" weightage="20" keywordseo="Ratan-Tata-Trust" source="keywords" meta.keywordsubtype="org" meta.entityname="Ratan Tata Trust" meta.hostid="261" meta.entityid="Ratan Tata Trust">Ratan Tata Trust</keyword> and Dorabji Tata Trust, two of India’s largest private-sector philanthropic organisations. In 2008, he was honoured with the Padma Vibhushan, the country’s second-highest civilian award. (With PTI inputs)

Ratan Tata to be accorded state funeral, Maharashtra declares day of mourning to honour Tata Group chairman

From the time Sir Dorabji <keyword id="19904884" type="General" weightage="20" keywordseo="tata" source="keywords">Tata</keyword> sponsored a handful of Indian athletes to the 1920 Antwerp Olympics, Tata group has been a constant in India's sporting landscape and the conglomerate's involvement only grew under <keyword id="19981455" type="General" weightage="100" keywordseo="ratan-tata" source="keywords">Ratan Tata</keyword>, who considered sport a "way of life". The chairman emeritus of Tata Sons died here at the age of 86 on Wednesday after being admitted to a hospital on Monday for "age and related medical conditions". His death triggered an avalanche of tributes from eminent personalities from all walks of life and sports was no different. From being the title sponsor of the glitzy Indian Premier League of cricket to supporting lesser-followed sports like archery to owning a football team in the Indian Super League to sponsoring a high-profile chess tournament, the Tata group has been deeply involved with the country's sporting ecosystem. Most of this involvement grew during Ratan Tata's tenure. "He always believed in 'sports is the way of life' and we are happy to carry forward the legacy. We have been the torchbearer of sports with 19 sporting verticals from football, hockey, archery to horse riding, boxing, karate, racket sports. You name it, we have it," an official involved with the JRD Tata Sports Academy, which was inaugurated in 1991 in Jamshedpur, told PTI. The growth in Tata Group's sporting involvement under Ratan Tata was the continuation of a legacy. After all, Sir Dorabji Tata, who played cricket, tennis and football, was the first President of the Indian Olympic Association (1924). This was after he had financed the Olympic appearance of four track-and-field athletes and two wrestlers at the Antwerp Games, helping organise their trials in Pune as well. Tata Steel Chess, which is also called the 'Wimbledon of chess', is a marquee event on global chess calendar, held at <keyword id="20385206" type="General" weightage="20" keywordseo="wijk-aan-zee" source="keywords">Wijk Aan Zee</keyword>, the Netherlands. It wasn't always known that. It was Corus Chess Tournament for the longest time before Tata Steel took over the title sponsor company, thereby claiming the rights of this event from 2007 onwards. Five-time world champion and Indian chess legend <keyword id="20221790" type="General" weightage="20" keywordseo="viswanathan-anand" source="keywords">Viswanathan Anand</keyword> was among the first sports icons to pay tributes to the late industrialist, saying that he "touched all our lives". "It is with profound sadness that we bid farewell to a giant of industry and philanthropy. We received our Padma Vibhushan together, and I was truly touched by his humility and genteel nature," Anand wrote on X. "The chess fraternity owes much to the traditions that are so closely associated with the Tata Group. @tatasteelchess in Holland is an event that made us chess players particularly proud, especially when the Tatas took over Corus, and later starting a new tradition with @tschessindia," he added. "The chess world and I offer our deepest condolences to @RNTata2000, a human being who touched all our lives and always stood for the good of society. Rest in peace," Anand continued. Tata Foootball Academy started back in 1987 under <keyword id="23494114" type="General" weightage="20" keywordseo="russi-mody" source="keywords">Russi Mody</keyword>, the then chairman of Tata Steel, who had the backing of Ratan Tata for the project. The academy has been supplying national level footballers since early '90s with its some of its noted alumni being current All India Football Federation head and former goalkeeper Kalyan Chaubey, Rennedy Singh, Dipendu Biswas and Kiran Khongsai. "TFA has played a pioneering role in Indian football by focusing on nurturing young talent and contributing significantly to the development of football in the country," the official associated with JRD sports complex said. "He (Ratan Tata) was there at the launch of Jamshedpur FC in the ISL in 2017. he interacted with the players and coaches, took photos with them. They also presented him with a signed jersey. He was very happy to see the team coming up and playing in the top tier ISL," he recalled. The enigmatic businessman was there to launch the hockey academy in Jamshedpur in 2019. "...perhaps for the last time he was here," the official said. Hockey India said Ratan Tata will be remembered as a "shining gem". "Your vision and endless contribution to our nation will never be forgotten. Your legacy will forever live with us till eternity. Hockey India pays tribute to one of Modern India's Pioneers - Ratan Naval Tata," it added. The legendary <keyword id="19919207" type="General" weightage="20" keywordseo="sachin-tendulkar" source="keywords">Sachin Tendulkar</keyword> said Ratan Tata's legacy will continue through his foundations. "In his life, and demise, Mr Ratan Tata has moved the nation. I was fortunate to spend time with him, but millions, who have never met him, feel the same grief that I feel today. Such is his impact," <keyword id="20012835" type="General" weightage="20" keywordseo="tendulkar" source="keywords">Tendulkar</keyword> wrote. The Tata Archery Academy in Jamshedpur has been the training ground for ace Indian archers Deepika Kumari and Atanu Das for several years. Given Tata Group's involvement in India's Olympic movement, it was hardly a surprise to see an outpouring of tributes from some of country's top athletes. "I'm very sorry to hear about the passing of Shri Ratan Tata ji. He was a visionary, and I'll never forget the conversation I had with him. He inspired this entire nation. I pray that his loved ones find strength. Om Shanti," posted India's track-and-field Olympic gold-winner, Neeraj Chopra. India's first-ever Olympics medal winner in badminton, <keyword id="20204318" type="General" weightage="20" keywordseo="saina-nehwal" source="keywords">Saina Nehwal</keyword> described him as a great man. "Ratan Tata sir aapki legacy hamesha humare saath rahegi. RIP (sic). (A great man and true visionary. Tata sir your legacy will always remain with us," she said. One of India's greatest spin bowlers and former captain Anil Kumble said, "Mr. Ratan Tata's contribution extends far beyond business. His legacy of giving back to society will continue to inspire future generations. Rest in peace." "An institution who embodied Excellence, Vision and Humility. A Philanthropist par excellence. A massive loss to society. Condolences to the entire Tata family. God bless his soul #RatanTata," wrote former India player and coach <keyword id="19958622" type="General" weightage="20" keywordseo="ravi-shastri" source="keywords">Ravi Shastri</keyword>.

The Tata effect on Indian sports: Ratan Tata's demise mourned by India stalwarts

<ul><li>Indian conglomerate <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> is reportedly looking to acquire a majority stake in <keyword id="19923299" type="General" weightage="20" keywordseo="Vivo-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Vivo India" meta.hostid="261" meta.entityid="Vivo India">Vivo India</keyword>.</li><li>Vivo India is the Indian unit of Chinese smartphone maker Vivo.</li><li>This comes amid a government push to involve a domestic company in operations.</li></ul>Tata Group is reportedly looking to acquire a majority stake in smartphone maker Vivo India. The Chinese smartphone maker has been looking to partner with domestic companies amid a push from the Indian government to involve an Indian company in its manufacturing and distribution operations. According to a<a href="https://www.moneycontrol.com/news/telecom/exclusive-tata-group-eyes-majority-stake-in-vivo-india-unit-bhagwati-buys-greater-noida-factory-12748428.html"> report</a> by Moneycontrol, Tata Group and Vivo are currently in an advanced stage of discussions. “The discussions have reached an advanced stage where talks began around valuations. Vivo has been seeking a higher valuation than what Tatas are offering. The Tatas are interested in the deal, but nothing has been finalised yet,” a source familiar with the matter told Moneycontrol. The Indian government reportedly wants an Indian company to have a stake of at least 51% in the joint venture with a Chinese smartphone maker, along with local leadership. <cmsannotation type="cmsannotation" annotationid="ED action against Vivo" comment="subhead" text="ED action against Vivo">ED action against Vivo</cmsannotation> Vivo has been under the Indian government’s scanner and was even<a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms"> raided</a> by the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (ED) in July 2022. The ED had claimed that Vivo had transferred ₹62,476 crore to its parent company in China over a five-year period to avoid paying taxes in the country. The agency had also accused the company of violating the Prevention of Money Laundering Act (PMLA). <cmsannotation type="cmsannotation" annotationid="Bhagwati Products take over Vivo’s factory" comment="subhead" text="Bhagwati Products take over Vivo’s factory">Bhagwati Products take over Vivo’s factory</cmsannotation> In yet another push to involve an Indian company in its operations, Vivo’s 14-acre manufacturing factory in Greater Noida has been taken over by Bhagwati Products (Micromax). The company has reportedly started hiring staff and will contract-manufacture smartphones for Vivo. Bhagwati Products has formed a joint venture with original design manufacturer (ODM) Huaqin Technology and this JV is awaiting government approval. Vivo will continue to manufacture from its new 170-acre factory in Greater Noida. <cmsannotation type="cmsannotation" annotationid="Tata Group’s push in smartphone manufacturing" comment="subhead" text="Tata Group’s push in smartphone manufacturing">Tata Group’s push in smartphone manufacturing</cmsannotation> This is not the first time the Tata Group is looking at manufacturing smartphones. Tata Group in 2023 acquired Wistron’s operations in India for $125 million, making it the first Indian company to manufacture Apple iPhones. There have been reports that the company is also in talks with Pegatron, another iPhone maker to acquire a majority stake. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/bmw-r-1300-gs-superbike-launched-in-india-at-20-95-lakh/slidelist/110971512.cms">BMW R 1300 GS superbike launched in India at ₹20.95 lakh</a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-will-reportedly-get-a-100-price-bump/articleshow/110959434.cms">Samsung Galaxy Z Fold 6 will reportedly get a $100 price bump</a>

Tata Group reportedly looking to acquire a majority stake in Vivo India

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

Reliance, Tata on TIME's list of world's most influential companies

<ul><li><keyword id="194006" type="General" weightage="20" keywordseo="Tata-Technologies" source="Orion">Tata Technologies</keyword> is a global product engineering and digital services company.</li><li>The IPO is a complete offer for sale (OFS) by the promoter Tata Motors and two other existing shareholders.</li><li>Tata Technologies received over 40% of its revenues from its anchor clients in FY22.</li></ul>Another company from the salt-to-software conglomerate Tata Group is preparing to get listed on exchanges. Tata Technologies, a subsidiary of Tata Motors, filed its papers with the market regulator SEBI on Thursday. Tata Technologies is a global product engineering and digital services company, run by CEO, Warren Harris. It focuses on four key verticals — automotive, aerospace, industrial machinery and industrials. The IPO will completely be an offer for sale (OFS) by the promoter Tata Motors and two other existing shareholders. The issue does not involve any fresh issue of shares. The OFS includes sale of 9.57 crore shares representing approximately 23.6% of paid up share capital. On December 12, 2022 Tata Motors board had accorded in-principle approval to explore the possibility of partial divestment in its subsidiary Tata Technologies via an IPO route, at an opportune time. So far, Tata Motors holds 74.69% stake in Tata Technologies while Alpha TC Holdings Pte owns 7.26%, while Tata Capital Growth Fund owns 3.63% stake in the company. After tech behemoth TCS in 2004, no other Tata company has made a debut on the domestic bourses. Tata Technologies gets 40% of its revenues from Tata Motors and JLR Tata Technologies has a global workforce of over 11,081 employees spread across 18 global delivery centers in Asia Pacific, Europe and North America. However, the company mostly depends on the Tata Group for business with its anchor clients being Tata Motors and <keyword id="6354362" type="General" weightage="20" keywordseo="jaguar-land-rover" source="Orion">Jaguar Land Rover</keyword>. “We continue to derive a material portion of our revenues from our top 5 clients by revenue generated in Fiscal 2022 (“Top 5 Clients”) which include Tata Motors (our Promoter) and certain of its subsidiaries (other than JLR) (collectively, “Tata Motors”) and JLR (JLR and Tata Motors together, the “Anchor Clients”),” said the company in its DRHP. The company received over 40% of its revenues from its anchor clients in FY22, which has come down from 51% in FY21 and 54% in FY20. The company’s profitability has increased 74% in the last three financial years. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fiscal year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,578 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹436 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,452 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹239 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,896 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹251 crore </td></tr></tbody></table>Source: DRHP Tata Motors to benefit from the IPO <a href="https://www.livemint.com/Companies/5FqMJqtnmB6VHOTmho6CHP/Warburg-Pincus-Tata-Motors-call-off-360-million-stake-sale.html">In 2018, Tata Motors had called off a deal </a>to sell 43% stake in Tata Technologies to private equity firm Warburg Pincus for $360 million, citing delays in securing regulatory approvals. Since Tata Motors would sell its stake through the IPO, the proceeds will help the reeling automaker recover. In the quarter ending December 2022, Tata Motors reported a net profit of ₹2,958 crore after seven quarters of loss. Tata Motor’s subsidiary Jaguar Land Rover has been struggling with semiconductor shortages, which has been impacting its performance for the last five-to-six quarters. A delay in the recovery of its British subsidiary JLR due to continuing chip shortages has resulted in the company scaling back its guidance for FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bengaluru-accounts-for-four-out-of-five-layoffs-by-indian-startups-in-2023-so-far/slidelist/98534987.cms">Bengaluru accounts for four out of five layoffs by Indian companies in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/reliance-brings-back-the-iconic-campa-beverage-brand/articleshow/98520789.cms">Reliance brings back the iconic Campa beverage brand</a>

Tata Technologies files DRHP with SEBI: All you need to know about this Tata Motors subsidiary

<ul><li><keyword id="194006" type="General" weightage="20" keywordseo="tata-technologies" source="Orion">Tata Technologies</keyword> has filed an addendum to its DRHP that’s been filed with SEBI.</li><li><keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> will offload 20% of its stake in Tata Technologies via the IPO.</li><li>This is the first Tata Group company to go public in 19 years, after TCS listed in 2004. </li></ul>One of India’s most awaited public issues, Tata Technologies has filed an addendum to its DRHP that’s been filed with the market regulator. As per the update, its offer for sale component will consist of 95 million shares in its upcoming initial public offer (IPO). Its parent company, Tata Motors, will sell most of these shares in the OFS segment. It will offload 81 million shares – that’s 20% of the stake it owns in the company. Tata Motors holds over 74% stake in the company. Alpha TC Holdings will offload 9 million shares accounting to 2.4% of its holdings. Tata Capital Growth Fund I will sell 4.8 million shares representing up 1.20% of its holdings. No other details like the time of the IPO, its size, price band etc has been revealed yet. JM Financial, Citigroup Global Markets India, and BofA Securities India are the book running lead managers to the issue. After a gap of 19 years… Tata Technologies is the first group company to go public in 19 years. TCS listed on the bourses in 2004. This year, two other conglomerates – Reliance Industries and JSW also brought their group companies onto the markets. Jio Financial Services listed in late August, while JSW Infrastructure stock debuted in early October. Tata Technologies is a subsidiary of Tata Motors and is engaged in the business of providing engineering services to original equipment manufacturers (OEMs). It offers product development and digital solutions, including turnkey solutions, to global OEMs and their tier 1 suppliers. “The company has deep domain expertise in the automotive industry and leverages this expertise to serve clients in adjacent industries, such as in aerospace and transportation and construction heavy machinery,” the company said in its DRHP. According to consulting firm Zinnov, global engineering, research and development (ER&amp;D) spending was at approximately $1.64 trillion as of 2021. It expects it to grow to approximately $2.28-2.33 trillion by 2025. “Tata Technologies has been recognized as a domain expert and leader by Zinnov for several sectors like automotive, aerospace and electrification services,” the company’s DRHP said.

Tata Motors to offload 20% stake in the upcoming Tata Technologies IPO

<ul><li>The <keyword id="1710341" type="PERSON" weightage="20" keywordseo="Tata-Group-conglomerate">Tata Group conglomerate</keyword> is <a href="https://twitter.com/ANI/status/1338335883477454854">reportedly </a>filing an Expression of Interest for the rescue of cash strapped Indian flag carrier <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword> today.</li><li>The report suggests that the <a href="https://timesofindia.indiatimes.com/business/india-business/tatas-bid-for-air-india-67-years-after-exit/articleshow/79712441.cms">Tatas have channelled its interest through AirAsia India,</a> in which it holds a 51% stake.</li><li>Air India’s privatisation plan is entering its final lap, and the deadline for submitting the EoIs (Expressions of Interest) is set for today (December 14).</li><li>After submitting the EoIs, the bidders will be required to submit the physical bids within 15 days— i.e., by December 29.</li></ul>The Tata Group conglomerate is reportedly filing an Expression of Interest for the rescue of cash strapped Indian flag carrier Air India today. According to <a href="https://twitter.com/ANI/status/1338335883477454854">ANI reports</a>, Tata group will use Air Asia as a vehicle where <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> have a significant majority stake. The report suggests that the <a href="https://timesofindia.indiatimes.com/business/india-business/tatas-bid-for-air-india-67-years-after-exit/articleshow/79712441.cms">Tatas have channelled its interest through AirAsia India,</a> in which it holds 51% stake after its Malaysian parent expressed inability to infuse fresh funds due to COVID-19 crisis. Earlier Tata’s were eyeing to express their interest in Air India through its joint venture with Singapore Airlines, Vistara. However, Singapore Airlines <a href="https://timesofindia.indiatimes.com/business/india-business/tatas-bid-for-air-india-67-years-after-exit/articleshow/79712441.cms">reportedly </a>was not keen in participating in the privatisation programme of the beleaguered airline Air India. Last week, <a href="https://www.cnbctv18.com/aviation/airasia-in-talks-with-tata-group-to-decide-future-of-airasia-india-says-tony-fernandes-7686651.htm">reports </a>said that Air Asia is in talks with Tata Group to decide on the future of AirAsia India operations and Tata Group is interested in buying out Tony Fernandes’ stake in Air Asia. The sale of Air India, as the country’s national carrier, has been a political hot potato. While the consecutive governments have managed to create a consensus over many years, even now, some sections of the Indian polity⁠— including the Rashtriya Swayamsevak Sangh (RSS), the ideological parent to the ruling Bharatiya Janata Party⁠— insist that the sale should be to an Indian company. Air India’s privatisation plan is entering its final lap, and the deadline for submitting the EoIs (Expressions of Interest) is set for today (December 14). This was the fifth time the government had extended the deadline after receiving a subdued response for Air India’s divestment plans. After submitting the EoIs, the bidders will be required to submit the physical bids within 15 days— i.e., by December 29. TRIVIA: India’s flag carrier was actually founded by JRD Tata of Tata Sons. The government has extended the intimation date for bidders for Air India to January 5, from the earlier date of December 29. This is the date for announcing the shortlisted bidders. The physical bids need to be in by December 29. <keyword id="1472261" type="COMPANY" weightage="20" keywordseo="The-Adani-Group">The Adani Group</keyword> (which operates nearly half a dozen airports in India) and the Hinduja Group are some of the other players bidding for Air India However, none of these business houses have made it official yet. The Hinduja group also <a href="https://www.flightglobal.com/hinduja/lufthansa-tie-up-in-air-india-bid/36242.article">tied up with Lufthansa</a> to become a potential bidder in the privatisation of Air India. And, a group of <a href="https://www.businessinsider.in/india/news/air-indias-employees-are-looking-for-a-private-investor-to-back-their-bid-for-the-national-airline/articleshow/79542871.cms">209 employees of Air India</a> were on the hunt for a private investor to back their bid for the national carrier. However, Air India’s pilots’ unions have advised their members not to take part in the employees’ bid to take over the airline via the divestment process. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/huawei-reportedly-worked-with-4-additional-companies-to-build-surveillance-tools-that-track-people-by-ethnicity-following-recent-revelations-that-it-tested-a-uighur-alarm/articleshow/79712815.cms" data-type="tilCustomLink"> Huawei reportedly worked with 4 additional companies to build surveillance tools that track people by ethnicity, following recent revelations that it tested a 'Uighur alarm'</a> <a href="https://www.businessinsider.in/international/news/an-iphone-factory-in-india-has-erupted-in-violence-over-a-dispute-about-workers-pay/articleshow/79707169.cms" data-type="tilCustomLink">An iPhone factory in India has erupted in violence over a dispute about workers' pay</a>

Tata Group may reportedly bid for Air India through Air Asia

<ul><li>On December 12, <keyword id="42747" type="General" weightage="20" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> announced that the board has approved the IPO of its subsidiary <keyword id="194006" type="General" weightage="20" keywordseo="tata-technologies" source="Orion">Tata Technologies</keyword>. </li><li>Tata Technologies is a global product engineering and <keyword id="1048858" type="General" weightage="20" keywordseo="digital-services" source="Orion">digital services</keyword> company. </li><li>After <keyword id="6357150" type="General" weightage="20" keywordseo="tcs" source="Orion">TCS</keyword> listed in 2004, no other Tata company has made a debut on the domestic bourses. </li><li>Since Tata Motors would sell its stake through the IPO, the proceeds will help the reeling automaker recover its losses.</li></ul><keyword id="6355725" type="General" weightage="20" keywordseo="tata-group" source="Orion">Tata Group</keyword> plans to make one more addition to its army of companies listed on the exchanges, which currently stands at 17. With the initial public offering (IPO) of Tata Technologies on cards, the salt-to-software conglomerate will add one more to this list. On December 12, Tata Motors board accorded in-principle approval to explore the possibility of partial divestment in its subsidiary Tata Technologies via an IPO route, at an opportune time. The company said that it will make further announcements of all material developments relating to IPO, as and when required, as per SEBI regulations. Tata Technologies is a global product engineering and digital services company, run by Warren Harris who is its MD &amp; CEO. It focuses on four key verticals -- automotive, aerospace, industrial machinery and industrials. After tech behemoth TCS in 2004, no other Tata company has made a debut on the domestic bourses. As per Tata Motor’s 2022 annual report, it holds 74.43% stake in Tata Technologies. In 2018, Tata Motors had called off a deal to sell 43% stake in Tata Technologies to private equity firm Warburg Pincus for $360 million, citing delays in securing regulatory approvals. Since Tata Motors would sell its stake through the IPO, the proceeds will help the reeling automaker recover its losses. The company reported a net loss to ₹945 crore for July-September, 2022, which was its seventh consecutive quarter of net loss. Tata Motor’s subsidiary Jaguar Land Rover has been struggling with semiconductor shortages, which has been impacting its performance for the last five-to-six quarters. A delay in the recovery of its British subsidiary JLR due to continuing chip shortages has resulted in the company scaling back its guidance for FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/kfin-technologies-to-open-its-ipo-next-week-from-dec-19-21/articleshow/96220635.cms" style="">KFin Technologies to open its IPO next week from Dec 19-21</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-share-buyback-at-a-50-premium-could-support-the-stock-in-near-term-jp-morgan/articleshow/96220518.cms" style="">Paytm share buyback at a 50% premium could support the stock in near term: JP Morgan</a>

Tata Technologies IPO: Everything you need to know

<keyword id="45432" type="General" weightage="80" keywordseo="godrej-properties" source="Orion">Godrej Properties</keyword> Ltd on Friday said it has acquired legendary film actor, director, and producer <keyword id="6358412" type="General" weightage="80" keywordseo="raj-kapoor" source="Orion">Raj Kapoor</keyword>'s Bungalow at Chembur in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> to develop a luxury housing project. The land was purchased from the <keyword id="53" type="General" weightage="100" keywordseo="kapoor" source="Orion">Kapoor</keyword> family, legal heirs of Raj Kapoor, the company said in a regulatory filing. The deal value has not been disclosed. The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to <keyword id="6356045" type="General" weightage="50" keywordseo="tata-institute-of-social-sciences" source="Orion">Tata Institute of Social Sciences</keyword> (TISS). In May 2019, Godrej Properties had acquired R K Studios in Chembur from the Kapoor family to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year. Gaurav Pandey, MD and CEO, Godrej Properties, said, "We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity." The demand for premium developments has been strong over the past few years, he said. This project will allow us to further strengthen our presence in Chembur, Pandey said. <keyword id="1562" type="General" weightage="50" keywordseo="randhir-kapoor" source="Orion">Randhir Kapoor</keyword> said, "This residential property in Chembur has been of great emotional and historical significance to our family. We are happy to once again associate with Godrej Properties to take forward this rich legacy for the next phase of development for this location," Godrej Properties, which is part of the business conglomerate <keyword id="133008" type="General" weightage="50" keywordseo="godrej-group" source="Orion">Godrej Group</keyword>, is one of the leading real estate developers in the country. It has a significant presence in Mumbai Metropolitan Region (MMR), Delhi-NCR, <keyword id="2094" type="General" weightage="50" keywordseo="pune" source="Orion">Pune</keyword> and Bengaluru. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indigo-plans-flights-to-nairobi-jakarta-some-central-asian-destinations-ceo-pieter-elbers/articleshow/98000625.cms">IndiGo plans flights to Nairobi, Jakarta, some central Asian destinations: CEO Pieter Elbers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/fashion-industry-needs-to-move-further-and-faster-to-meet-1-5c-target-prove-they-care-about-real-change-un-expert/articleshow/97987975.cms">Fashion industry needs to move "further" and "faster" to meet 1.5°C target, prove they care about real change: UN expert</a>

Godrej Properties acquires Raj Kapoor's Bungalow in Mumbai

<ul><li>Indias largest lender <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> said on Friday that its exposure to the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> was well below the Reserve Bank of India's Large Exposure Framework.</li><li>The statement comes at a critical juncture with markets tanking on the basis of a short selling report from <keyword id="191733" type="General" weightage="80" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> Research with the <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group caught in a maelstrom.</li><li>The conglomerate has called the report "maliciously mischievous, unresearched".</li></ul> Indias largest lender State Bank of India (SBI) said on Friday that its exposure to the Adani Group was well below the Reserve Bank of Indias (RBIs) Large Exposure Framework and was secured by cash generating assets. The statement comes at a critical juncture with <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms" data-type="tilCustomLink">markets tanking</a> on the basis of a short selling report from Hindenburg Research with the Adani Group caught in a maelstrom losing Rs 4.18 trillion in market cap in two trading sessions. The report by US-based investment research firm Hindenburg Research alleged that the group was engaged in "a brazen stock manipulation and accounting fraud scheme". The conglomerate has called the report "maliciously mischievous, unresearched". It has said that it is "evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research". Indian banks have an exposure of around Rs 80,000 crore to the Adani Group, which is 38 per cent of the group's total debt. "While as a matter of policy, we don't comment on individual clients, in the interest of setting the context right, we wish to clarify that SBI's exposure to Adani Group is well below the Large Exposure Framework. All exposure to the group from SBI is secured by cash generating assets with adequate TRA/Escrow mechanism in place, hence debt service will not be a challenge," said Swaminathan J., MD of corporate banking and subsidiaries at SBI, in a statement. The SBI, however, did not comment on the amount of its exposure to the group. With Indian equity markets roiled by a research report emerging from the US, everyone is curious as to what short selling actually means? A 32,000-word report by American short-seller Hindenburg Research has left a Rs 4 lakh crore gash on the portfolios of bulge bracket Adani bulls which have been enjoying the gravity defying valuations since the Adani Wilmar public issue more or less a year ago. Every word shaving off Rs 12.5 crore from the valuation. So, what is short selling? Simply put, someone takes position by selling stock or other securities or commodities which one does not own at the time, in the hope of buying at a lower price before the delivery time. Investopedia describes it in the following manner - selling is an investment or trading strategy that speculates on the decline in a share or other security's price. It is an advanced strategy that should only be undertaken by experienced traders and investors. Traders may use short selling as speculation and investors or portfolio managers may use it as a hedge against the downside risk of a long position in the same security or a related one. Speculation carries the possibility of substantial risk and is an advanced trading method. Hedging is a more common transaction involving placing an offsetting position to reduce risk exposure. In short selling, a position is opened by borrowing shares of a stock or other assets that the investor believes will decrease in value. The investor then sells these borrowed shares to buyers willing to pay the market price. Before the borrowed shares must be returned, the trader is betting that the price will continue to decline and they can purchase the shares at a lower cost. The risk of loss on a short sale is theoretically unlimited since the price of any asset can climb to infinity. Taking a contrarian position, top of the line broking and research firm CLSA said it doesn't see a major downside risk to Indian banks from Adani group's debt, in which the overall exposure for domestic public and private sector lenders remains well within the mangeable limits with adequate ring fencing. InGovern Research Services issued a note on Friday - On Short Selling and Shareholder Activism - providing a perspective on the whole issue: Hindenburg, as a short seller, should be considered as just another market participant which has a motivated view to release a negative report with aim to bring down the stock price. 1. Short selling is not new in Indian markets. 2. Short selling is a market mechanism and NOT wrong. 3. Short selling is healthy for Indian capital markets. 4. Short selling is a view on a stock price, it may NOT work. 5. Shareholder activism should be welcomed in Indian markets. 6. Indian companies should learn to take such reports in their stride. 7. There is a need for more investor activism in India. 8. As Indian market matures, it should get used to these kinds of activist investors taking interest in domestic companies. 9. However, short selling is not shareholder activism. 10. Short sellers are opportunist and very short-term focused. Such activism could be disruptive for management and companies. 11. Short sellers are not held in high regard in global capital markets and even in the US, many short sellers, including Hindenburg, are under investigation by the SEC and DoJ, as the short sellers are thought to achieve their objectives at all costs and detrimental to the interests of other investors. 12. Positive shareholder activism, like ValueAct Capital does, is when investors engage positively with the management and work towards bringing about change. On Data in Hindenburg Report There are no new facts in the Hindenburg report, and, at best, it is a compilation of all past allegations levelled against the Adani group. 1. Hindenburg has 3 types of data: a) Easily verifiable data on Marcap, P/E multiples, debt, shareholding patterns etc. available to all investors. b) Data points that cannot be easily verified: Mauritius entities, etc. c) Aspersions based on past (some over 20+ years), some of which were fully disclosed as part of various offering documents by the Adani group. 2. Some of the allegations in the Hindenburg report have been the subject of regulatory scrutiny in the past. 3. There are no specific complaints made to SEBI for investigation by Hindenburg. SEBI, the Indian securities market regulator, or the MCA, largely acts on specific complaints of fraud or market manipulation. Timing of Release of Hindenburg Report The strategically-timed release of the Hindenburg report on the eve of the follow-on public offering (FPO) by Adani Enterprises Ltd seems to indicate that there was some objective to scare investors. 1. However, the Hindenburg report itself may not impact the FPO share sale. 2. The anchor book has already been oversubscribed on January 25, 2023, given that the objective of many of the long-term investors would be to hold the stock for many years. 3. There could be some sentimental hit among retail investors when the FPO opens on January 27 On Valuations and Leverage Though the Hindenburg report talks of high valuations and over leverage by the Adani group, the nature of the industries in which Adani group companies operate and data on debt holding in Adani group companies indicate otherwise. 1. Valuations is in the eyes of those who have a position and are willing to bet on it. 2. These days, there are many new age companies with no revenue model and with no earnings, Adani stocks may appear to be inexpensive. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group companies lose ₹3.22 lakh crore in market value amidst tussle with Hindenburg Research</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-enterprises-20000-crore-fpo-now-open-analysts-maintain-cautious-optimism/articleshow/97369358.cms">Adani Enterprises’ ₹20,000 crore FPO now open, analysts maintain cautious optimism</a> <a href="https://www.businessinsider.in/business/corporates/news/tata-motors-in-top-gear-reports-net-profit-of-2958-crore-in-q3-its-first-after-seven-quarters/articleshow/97319081.cms">Tata Motors In Top Gear: Reports net profit of ₹2,958 crore in Q3, its first after seven quarters</a>

State Bank of India defends exposure to the Adani Group as short-selling report roils markets

A look at the companies running under salt-to-aviation conglomerate Tata group

<ul><li><keyword id="6356895" type="General" weightage="20" keywordseo="Cyrus-Mistry" source="Orion">Cyrus Mistry</keyword> was once liked by Rata <keyword id="8555" type="General" weightage="100" keywordseo="tata" source="Orion">Tata</keyword>, who called him astute and humble, and later anointed him as his successor in 2012.</li><li><keyword id="6391150" type="General" weightage="80" keywordseo="mistry" source="Orion">Mistry</keyword> went on to become the sixth <keyword id="6355725" type="General" weightage="80" keywordseo="tata-group" source="Orion">Tata Group</keyword> chairman, and only the second without a Tata surname.</li><li>However, Mistry’s ascension to the top of India’s biggest conglomerate was short-lived, with <keyword id="6360722" type="General" weightage="50" keywordseo="ratan-tata" source="Orion">Ratan Tata</keyword> himself ousting Mistry in a ‘palace coup’ in 2016.</li><li>Here’s a run down the memory lane of the history between the Mistrys and Tatas, India’s most prominent Parsi families.</li></ul>Cyrus Mistry’s untimely death in an accident near Mumbai has come as a shock to many, but it has also re-opened the saga of his prolonged battle with the Tata Group and Ratan Tata. Mistry was otherwise a very reclusive, private person, and not much is out in the public about his life. However, his battle with the Tata Group was as public and explosive as it could be, where he locked horns with Ratan Tata, the group’s managing trustee at the time, R Venkataramanan, and other senior officials. Mistry was the chairman of the Tata Group for four years, from 2012 to 2016. During his tenure as the chairman, Mistry is credited for turning around Tata Motors, but he seems to have ruffled feathers during his tenure. His reclusive nature meant he did not host a single press conference during his four years as the group chairman. But what could have gone so wrong that two of the most prominent Parsi families of the country ended up standing against each other, despite a partnership of over 90 years? <cmsannotation type="cmsannotation" annotationid="Tatas and Mistrys – how it all began" comment="subhead" text="Tatas and Mistrys – how it all began">Tatas and Mistrys – how it all began</cmsannotation> Tatas and Mistrys share nearly a century of relationship spanning over three generations. It all began in the 1930s when Shapoorji Pallonji acquired a 12.5% stake in Tata Sons – the owner of the Tata Group – from FE Dinshaw’s estate. The SP Group’s stake increased to 18.5% after a rights issue in 1996. Since then, the Pallonjis have remained quiet partners in the Tata Group. By some estimates, their investments amounted to just $11 million for the stake they have in the Tata Group, but the value of those investments has surged to several billion dollars over the years. Buffett who? <cmsannotation type="cmsannotation" annotationid="Who was Cyrus Mistry?" comment="subhead" text="Who was Cyrus Mistry?"><keyword id="14894773" type="General" weightage="20" keywordseo="Who-was-Cyrus-Mistry" source="Orion">Who was Cyrus Mistry</keyword>?</cmsannotation> Cyrus Mistry was the grandson of Shapoorji Pallonji and the son of Pallonji Mistry. He is survived by his wife and two children. Born in 1968, Mistry got a civil engineering degree from Imperial College London. He joined his family’s construction company, Shapoorji Pallonji &amp; Co., as a director in 1991. His connection with the Tata Group began in 2006, when he took up the mantle of a director a year after his father retired. He was subsequently elevated as the deputy chairman of the Tata Group. When Ratan Tata finally retired as the group chairman in 2012, Mistry replaced him and became the sixth chairman of the Tata Group – and only the second to not bear the Tata surname. <cmsannotation type="cmsannotation" annotationid="‘An appointment of convenience’, and not conviction?" comment="subhead" text="‘An appointment of convenience’, and not conviction?">‘An appointment of convenience’, and not conviction?</cmsannotation> Unlike Ratan Tata’s ascension to the throne as the head of the Tata Group, Mistry’s elevation was seen by some in the industry as an “appointment of convenience”, not conviction. Further lending credence to this thought is Ratan Tata’s eventual return as the Tata Group chairman in just four years. When Mistry entered his family business in 1991, Ratan Tata was elevated as the group chairman by his uncle, JRD Tata. Since then, the family patriarch has ruled over the group’s businesses. <cmsannotation type="cmsannotation" annotationid="How the Tata-Pallonji’s decades-long partnership broke down" comment="subhead" text="How the Tata-Pallonji’s decades-long partnership broke down">How the Tata-Pallonji’s decades-long partnership broke down</cmsannotation> Mistry, despite his reserved nature, pulled no punches when it came to steering the Tata Group’s future. He voiced his opposition to the group’s often expensive decisions – like the one to acquire Jaguar Land Rover, or rolling out Ratan Tata’s pet project, the ₹1 lakh Nano car. <div type="image" title="Ratan Tata Cyrus Mistry1" msid="94000761" hostid="261" sizebytes="84758" caption="&amp;lt;p&amp;gt;Ratan Tata and Cyrus Mistry&amp;lt;/p&amp;gt;"></div> Mistry also voiced his opposition to investing the cash sink that is the aviation business – Tata Sons eventually ended up acquiring a 51% stake in a $100 million venture, far above Mistry’s agreed promise of a 30% stake in a $30 million equity. Mistry’s ouster from the Tata Group has been called a ‘palace coup’ by many in the industry. His pushback against the Tatas and attempts to steer the group to a low-debt high-margin regime eventually led to his downfall. <cmsannotation type="cmsannotation" annotationid="An ugly, public spat" comment="subhead" text="An ugly, public spat">An ugly, public spat</cmsannotation> While Mistry liked to maintain a low profile, his spat with the Tata Group was as public as it could get. Eventually, Tatas’ relationship with Cyrus Mistry broke down so much so that Mistry was unceremoniously ousted as the chairman. This resulted in a legal tussle a few months later, going from the NCLT to the Supreme Court of India. India’s top court eventually ruled against Mistry, and dismissed a review petition filed by the SP Group earlier this year, thus bringing an end to the 6-year long ugly legal battle that frayed ties between India’s two most prominent Parsi families. SEE ALSO: <a href="https://www.businessinsider.in/business/news/modi-and-industry-leaders-express-condolences-on-cyrus-mistrys-death/articleshow/93986009.cms">Cyrus and I shared a laugh last month on a bench in London, says former strategy head of Tata Sons</a> <a href="https://www.businessinsider.in/thelife/personalities/life-and-times-of-cyrus-mistry-the-most-low-profile-man-with-the-most-high-profile-exit/articleshow/93986896.cms">Life and times of Cyrus Mistry – the most low profile man with the most high profile exit</a> <a href="https://www.businessinsider.in/thelife/personalities/news/remembering-cyrus-mistry-10-things-to-know-about-the-former-tata-sons-chairman/slidelist/93994782.cms">Remembering Cyrus Mistry: 10 things to know about the former Tata Sons chairman</a>

Cyrus Mistry vs Tata Group – decoding the battle of prestige between India’s most prominent Parsi families

<ul><li>The National Company Law Appellate Tribunal (NCLAT) has said that <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>’s removal as the Chairman of <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> is illegal.</li><li>The stock market, which was nearing closing, saw that the share price of almost all <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> companies fell. </li><li>Tata Motors fell by almost 3% closing at ₹175. </li></ul>The National Company Law Appellate Tribunal (NCLAT) has said that Cyrus Mistry’s removal as the Chairman of Tata Sons is illegal and that his position should be restored. As soon as the news broke during stock closing time, almost all the group company stocks fell. Tata Motors fell by almost 3% closing at ₹175. In the morning the company was trading at a seven month high of ₹185. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Share price fall </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><ul><li>3% </li></ul></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Global Beverages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><ul><li>3.5% </li></ul></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><ul><li>1.93% </li></ul></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Power </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"><ul><li>1.43% </li></ul></td></tr></tbody></table>Source: BSE Meanwhile the stocks of other group companies like Tata Consultancy Services, Tata Steel etc weren’t affected. Cyrus Mistry, whose family holds a majority stake in Tata Sons, was appointed as Chairman in 2012 and was ousted in 2016. <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> has asked Mistry to step down from his post as the board had lost faith in him. However, Mistry’s refusal to leave had resulted in the very public spat between Tata and Mistry. Mistry was later replaced by the former TCS CEO, <keyword id="539517" type="PERSON" weightage="20" keywordseo="N-Chandrasekharan">N Chandrasekharan</keyword>. While upholding Mistry's appeal, the court has also admitted that there was 'mismanagement' by the Tata Sons Board and interference by Ratan Tata, as alleged by Mistry. This has cast a shadow on the Group's hallowed reputation and has planted suspicion in the minds of the investors who would wonder what these wrong decisions were. See Also: <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">Cyrus Mistry can return as Tata Sons Chairman three years after he was thrown out by Ratan Tata</a>

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