New Delhi: India Inc welcomed the naming of Cyrus P Mistry as the successor of Ratan Tata for heading the $ 80 billion Tata Group, saying it shows the high standards of corporate governance and integrity of the country's leading industrial house.
"In the choice of Mistry, there is a clear message in the trust of the captains of Indian industry in the capabilities of young leaders in the country.
"This is also in keeping with the emerging demographics in Indian industry. CII looks forward to working closely with Mistry and the Tata group in the future," industry chamber CII's Director General Chandrajit Banerjee said.
Tata Sons on Wednesday named Shapoorji Pallonji Group Managing Director Cyrus P Mistry as successor to Ratan Tata. The 43-year-old Mistry, son of Pallonji Mistry, will take over the reins when Tata retires in December, 2012.
"The announcement of Cyrus P Mistry as successor of Ratan Tata and his appointment as Deputy Chairman by Board of Directors of Tata Sons on the unanimous recommendation of the selection committee is an exemplary move and speaks volumes about the norms of corporate governance followed by this leading industrial house of out country," CII said.
Ficci President Harsh Mariwala said, "He (Mistry) is young, an Indian and from the entrepreneur family. Being a visionary, he has to show results through vision, people management and execution excellence to manage the empire of Tata Group."
Assocham said Director General DS Rawat said,"It has been a smooth transition in the Group which has worked with high integrity."
Country's biggest private sector lender ICICI Bank's Chief Executive Officer and Managing Director Chanda Kochhar congratulated Mistry on his new role.
"I take this opportunity to extend my best wishes to him for carrying forward the rich traditions of the Group and taking its businesses to even greater heights in the years to come," Kochhar said.
Tata Steel former Managing Director J J Irani welcomed the selection of Mistry. He said Mistry keeps a low profile and is considered a professional manager. He is said to be good in financial matters. He also shares a good chemistry with Ratan Tata.
"Mistry does not speak too loudly but whatever he says people listen to," Irani said.
Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh said that he was impressed with Mistry's work with HDFC. "Cyrus Mistry deserves to be chairman. There will be challenging times ahead though," he said.