Former chairman of Tata Group, Ratan Tata’s inspiring life and pioneering work in business and philanthropy has been recorded by his official biographer, Thomas Mathew. Ratan Tata: A Life, released by Harper Collins India on Friday sheds light on corporate titan’s personal and professional life in detail. Beyond his early life, and facts about his Los Angeles girlfriend, the book also delves into his soured relationship with the late Cyrus Mistry, the former chairperson of Tata Group.
The biography has several revelations about Cyrus Mistry’s impression on Ratan from the time he took over as the chairman. It mentions how Ratan was blinded by Mistry’s British education and his selection as chairman was done in haste. He commented, “I naively thought that the DNA of a person with such an impressive education would be different.” Ratan was in regret for putting avoidable pressure on the selection committee.
The book describes how Mistry was selected when the panel failed to zero in on a suitable candidate. After examining his paper on ‘key success factors in managing the Tata Group’, he was chosen for the chairman’s post. The book reveals Ratan regretted staying away from the selection process and Mistry’s ‘circumstantial’ appointment.
The book elaborates on Ratan Tata’s apprehensions about Mistry’s decisions damaging Tata Group's reputation. Mistry’s exploration of businesses outside the Group’s core areas disturbed Ratan. The book recounted the failed Docomo venture and how Tata subsequently paid the Japanese company $ 1.17 billion soon after N Chandrasekaran succeeded Mistry. “If it has (Tata Group) made a commitment, it has to in good faith implement it,” said Ratan.
The book also describes Ratan’s discontent with Mistry after the acquisition of Welspun’s alternative energy assets by Tata Power for $1.45 billion happened without the approval of the Tata Sons’ board. Ratan admitted he misjudged Mistry’s approach to business. The rumours of fallout began when Ratan assigned Nitin Nohria, Harvard Business School’s dean to help Mistry. “Nitin, you have one job, and that is to see if there’s any way in which you can help him (Mistry) be successful,” he said. Subsequently, the relations soured and the company’s performance also suffered. Mistry was ousted in 2016, and the author mentions that Ratan knew that he would be misunderstood.
For the unversed, Mistry took legal action against Tata in 2021 after his removal from the chairperson post. The Supreme Court of India ruled in favour of Tata Sons and declared Mistry's shares illiquid unless approved by the company. Mistry died in a car accident in 2022.
Meanwhile, Ratan Tata: A Life, the biography was reportedly acquired by HarperCollins for a whopping Rs 2 crore in 2022. The author Thomas Mathew, a retired bureaucrat had met Ratan Tata for the first time in 1994-1995 and remained in touch from then on.
