Search for Ratan Tata's successor begins

Tata Sons today set up a panel to search for a successor to Group Chairman Ratan Tata, who is due to retire in December 2012.

The move comes within days of Noel Tata's elevation as head of the $72 billion Group's international operations, strengthening speculation that he would be the successor to his half-brother Ratan Tata, who is credited with taking the Tata name global.

The search committee has five members including an external member. It was, however, not clear whether who the members were and queries about Ratan Tata himself being part of the search committee yielded no response from the Group's spokesperson.

"The board of Tata Sons has formed a selection committee comprising five members, including an external member for eventually deciding on a suitable successor to Ratan N Tata," Tata Sons, the Group's holding company, said in a statement.

Tata, 72, would be hanging his boots in December 2012 when he would turn 75 -- the retirement age fixed by the group.

Earlier this year, Ratan Tata had told reporters: "I said that after (launching small-car) Nano, it will be a good time to step down. I still have a deadline for my retirement.

"I do have the responsibility to have a successor and both these things will take place."