Tata Group chairman Ratan Tata [ Images ] said on Friday that his successor Cyrus Mistry has all the qualities and values to take the $100-billion group in the direction that it has continued in all these years.
Cyrus Mistry will take over the mantle of the salt-to- software giant in December, 2012 after Ratan Tata retires.
Last year, the Board of Directors of Tata Sons appointed Mistry as the deputy chairman.
"Cyrus Mistry has all the qualities and values to take the Tata Group in the direction that it has continued in all these years," Tata told the annual general meeting of Tata Group flagship company Tata Motors [ Get Quote ] in Mumbai [ Images ] on Thursday.
Seeking the support and encouragement of the shareholders for Mistry, Tata said, "I want you to extend the same sort of support and encouragement that you have given to me all these years, to Mistry as well."
Thanking the Tata Motors' shareholders, Tata said, "Let me express my deep appreciation and thanks to all employees and shareholders. Without you, the company wouldn't have achieved this success."
Tata said, Tata Motors, which is the largest auto company in the country, will have to single-mindedly retain and protect its market position across all segments.
"Failure to do so will see us slipping," he said adding, "I hope the employees will rise to the occasion in spirit to meet the needs of the changing times."
On JLR, Tata said, the company is introducing very competitive range of commercial vehicles that can compete with international CV makers including Mercedes [ Images ], Volvo, Navistar.
On the much talked about 2-seater sports car from the Jaguar Land Rover [ Images ] stable, Tata said, "The JLR board has approved a new small high-performance engine development plan."
He also hinted at the likelihood of co-producing the small high performance JLR engine in the country.