He will, however, continue to lead the Tata Group in a non-executive capacity, and remain the non-executive chairman for five more years till the age of 70 and during the period, a successor would be identified, sources in the Tata group said.

In early April 1992, the Tata Sons' board had decided to set the retirement age for whole-time directors at 65. Ratan Tata became chairman of Tata Group of Companies in 1991.

The acquisition of Videsh Sanchar Nigam Ltd, Tetley Group and CMC Ltd by the Tata Group were the landmark achievements by the company under his chairmanship.