Tata Sons Friday said it has no plan to restructure the managements of group companies by promoting the non-executive vice chairmen to the post of chairmen once Ratan Tata steps down at the end of this year.
A business daily had reported that the flagship companies of the Tata Group are preparing for restructuring and the frontline entities like Tata Steel, Tata Motors, Tata Consultancy Services and Indian Hotels will have chairmen by the end of this year.
“Information in a report in The Economic Times stating that the Tata Group is considering a management structure under which vice-chairmen in several Tata companies will become chairmen of these companies once Ratan N. Tata steps down as chairman, is untrue, baseless and mischievous,” Tata Sons, the holding firm, said in a statement.
Cyrus Mistry, deputy chairman of Tata Sons, is scheduled to take over as chairman of the $83 billion Tata Group from Ratan Tata at the end of this year.