Saying a quiet good-bye to Tata Group employees, Ratan Tata said he felt proud to have belonged to the Group. In a letter to colleagues, his last as group chairman, he gave them all the credit for whatever was achieved during his tenure as chairman.
He also called upon the employees to provide all support to new chairman Cyrus Mistry.
“Whatever has been achieved has only been possible because of the amazing spirit, the dedication of each one of you and the enormous support and faith reposed in me, for which I am deeply grateful and appreciative,” Mr. Tata said in the letter.
Praising employees for facing crises together, he said the memories of personal sacrifices, loyalty and individual acts of heroism would always remain in his memory.
“We, today, are a $100 billion group in revenues. Over the past 20 years, our revenues have grown about 20 times and today 58 per cent come from overseas operations... We therefore have every reason to feel proud and feel confident in facing the challenges ahead”.
However, he said the group companies might see continued constraints in consumer demand, over-capacity and increased competition from imports. “This seemingly gloomy picture will be a passing phase. The Tata Group will undoubtedly play an important role in the continued development of our country, providing leadership and living by the value systems and ethical standards on which our group was founded,” Mr. Tata said.
In his last lines, Mr. Tata wrote, “Tatas are a group where I feel proud to have belonged and proud to have been associated through the years. I wish the group, Cyrus Mistry and each of you great success in the years ahead. I hope the group grows and shines in the coming years”.