18 January 2017 Current Affairs: Tata Motors has appointed Tata group chief designate N Chandrasekaran as its Chairman with immediate effect.
Popularly known as 'Chandra', the 54-year-old will take charge at the helm of $103-billion Tata Sons, the main holding company of the salt-to-software conglomerate from February 21. He will be the first non-Parsi chairman of the 150-year old Tata Group.
At Tata Motors, he will have to take the responsibility of turning around the struggling homegrown auto major which is trying to regain lost ground, specially in the passenger vehicles segment.
Mistry had alleged that the Nano product development called for a car below Rs 1 lakh but the cost was always above this.
This product has consistently lost money, peaking at Rs 1,000 crore," Mistry said in his letter written to Tata Sons board members a day after he was ousted as the Chairman of India's largest conglomerate.
He further stated, As there is no line of profitability for the Nano, any turnaround strategy for the company (Tata Motors) requires to shut it down. Emotional reasons alone have kept us away from this crucial decision.