With the shadow of Cyrus Mistry hanging over his continuation as chairman of Tata Sons, N Chandrasekaran in his New Year’s message to the Tata Group employees said that the conglomerate is well placed to face challenges in 2020 and is on course to executing its “One Tata” strategy.

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He wrote: "We are on course and executing our 'One Tata' strategy around the pillars of simplification, synergy and scale. Within our ten business clusters, individual companies have made notable progress across these dimensions."

In his letter to the employees, Chandrasekaran recounted some of the challenges and achievements of the group this year, including the troubles in India’s automobile sector that impacted Tata Motors’ sales and Tata Consultancy Services’ (TCS) continuous “market-leading performance”.

“It has indeed been a busy year: the Bhushan Steel acquisition is well underway within Tata Steel; TCS continues to deliver market-leading performance; Tata Motors has faced unprecedented headwinds in the domestic market; the consolidation of TGBL and Tata Chemicals’ consumer business is near completion; our financial services business continues to grow with a focus on effective risk management; both of our airlines are expanding fleet and reach; Vistara has started its international operations; and IHCL, Titan and all other retail companies are delivering robust performance, while increasing their presence in new markets,” he wrote.

Chandrasekaran took charge of Tata Sons in 2017 after Ratan Tata’s brief stint following the unceremonious exit of Mistry. However, three years since his removal, the National Company Law Appellate Tribunal (NCLAT) on December 18 ruled Mistry’s termination illegal, paving the way for his return to the top Tata Group post.

Mistry’s reinstatement, however, comes into effect after four weeks after the NCLAT judgement during which Tata Sons can challenge verdict in the Supreme Court. Mistry is unlikely to bid for a return, media reports have suggested.

"With all of the heavy lifting we have done over the past few years, I am confident that we are now well positioned to build on the Tata Group's unique legacy to steer the 21st century towards a more sustainable, connected, inclusive and efficient future," Chandrasekaran signed off.

First Published:Dec 31, 2019 10:41 AM IST