Tata Sons reappoints N Chandrasekaran as chairman for another five years

Tata Sons on Friday reappointed N Chandrasekaran as Executive Chairman of the company for next the five years.

"The Board members commended the performance of the Executive Chairman and unanimously approved the reappointment of N Chandrasekaran as the Executive Chairman for the next five years," the company said in a statement.

Tata Group's Chairman Emeritus Ratan N. Tata, who was a special invitee to this meeting, expressed his satisfaction on the progress and performance of the Tata Group under the leadership of Chandrasekaran. He recommended his term be renewed for a further five-year-period, the statement added.

On the re-appointment, Chandrasekaran said, “It has been a privilege to lead the Tata Group for the last five years and I am delighted at the opportunity to lead the Tata Group for another five years, in its next phase.”

Chandrasekaran re-appointment comes just weeks after Tata Group in January took over the government-controlled carrier Air India, regaining ownership of the airline after nearly 70 years and marking a victory for Prime Minister Narendra Modi's privatisation push.

The auto-to-steel conglomerate in October won the bid to take over Air India in a $2.4 billion equity and debt deal, ending years of struggle to privatise the financially troubled airline that was kept afloat using taxpayer funds.

The Air India strategic disinvestment transaction has been completed today with the government receiving about $360 million in equity and Tata taking over more than $2 billion of Air India's debt, the finance ministry said in a statement.

"We are excited to have Air India back in the Tata Group and are committed to making this a world-class airline," Tata Sons' Chandrasekaran had then said in a statement.