 "Ishaat Hussain")
Ishaat Hussain, former director (finance) of Tata Sons, is likely to take charge as non-executive chairman of the Tata group's financial services business, including insurance joint ventures. Hussain is a director on the boards of Tata Capital, Tata AIA Life Insurance, Tata AIA General Insurance and group holding company Tata Sons.
When contacted, a Tata group spokesperson said: "There has not been any such announcement."
The Tata group is also scouting for a candidate for the post of finance (director) to replace Hussain, who retired from executive capacity last year. Earlier, F A Kavarana was chairman of the Tata group's financial services business. Last month, Kavarana retired from the boards of all Tata group companies, including Tata Sons.
Though the Tatas have withdrawn from the race to secure a banking licence, the group is making aggressive inroads into the financial services segment. With Hussain, an old Tata hand, at the helm of affairs, the group will increase its efforts to make inroads into this space, say insiders.
The company's day-to-day operations are run by managing director Praveen Kadle.
After the exits of Kavarana and Hussain from executive positions, Tata Sons is ready to induct fresh faces into its board, insiders say. After Chairman Cyrus Mistry took charge of the group in December 2012, the holding company inducted Harvard Business School dean Nitin Nohria and former defence secretary Vijay Singh as directors on its board.
Tata Sons is on a fund-raising spree, launching yet another bond issue this week, to raise Rs 400 crore. Bankers say since January, the company has raised Rs 1,915 crore through non-convertible debentures, as it raises funds to take over Japanese joint venture partner Docomo's stake in Tata Teleservices for Rs 7,200 crore.
