Tata Power has appointed Cyrus P Mistry, the chosen successor to Tata Group chief Ratan Tata, as an additional director in the company. This will be the first appointment of Mistry in a major and listed Tata Group company.
In a regulatory filing on Monday, Tata Power said Mistry’s appointment will be effective from December 23. As on that date, Mistry did not own any equity shares of Tata Power.
Last month, Tata Sons announced that Mistry would succeed Ratan Tata, who retires in December 2012. Mistry is already director in Tata Sons, the group’s holding and Tata Elxsi (India). He also holds non-executive position on boards of several other companies.
Earlier this month, Mistry resigned from the board of Forbes & Company, a Shapoorji Pallonji Group firm. Right after being appointed as the successor of Ratan Tata, Mistry had said he would disassociate himself from all family-related businesses.
Tata Power is one of the largest private integrated power utilities player in India with an installed generation capacity of 3,682 Mw and a presence in all the segments of the power sector.
The shares of Tata Power rose marginally on Monday to close at Rs 88.55 on the BSE.