WSJ reported that Mr Ratan Tata is considering hanging up his boots. As per report the chairman of the legendary TATA Group is in the process of formalising a successor for him.

Mr Ratan Tata in an interview with the Wall Street Journal said that local and foreign candidates are being looked at to head the group, which includes TATA Motors, TATA Steel, TATA Consultancy Services and TATA Power among its 27 listed companies

Mr Ratan Tata said that "We are in the process of formalising a successor to me. We have some outside consultants and a formal search process is on. There are no constraints.”

Mr Tata said that "It would certainly be easier if that candidate were an Indian national. But now that 65% of our revenues come from overseas, it could also be an expatriate sitting in that position with justification now.”

He added that the successor could be from within the group or outside adding he hoped the person would carry on the growth path that had been set. All but one of the group's past chairmen have been Tatas, although at the moment no family candidate has been publicly identified to take over the role.

(Sourced from Wall Street Journal)