© The Financial Times Ltd 2014 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Tata Motors launched the Nano – the $2,000 “people’s car” – to great fanfare in 2009, only to produce dismal sales in the ensuing three years. As the FT reported, many analysts blamed the failure of the car on mishandled marketing. As one executive at a rival auto company put it: “Nobody wants to buy the world’s cheapest car.”
The long search for a replacement for Ratan Tata, at the head of the Tata group has come to a surprise conclusion. Instead of the widely-tipped Noel, Ratan’s half-brother, India’s largest grouping have chosen a relative unknown.
As Jonathan Guthrie, FT city editor reports, Cyrus Mistry, a 42-year-old, educated at London Business School, will shadow Mr Tata, 73, for a year before taking over in late 2012.
Tata Motors on Monday unveiled the Goldplus Nano – a one-off showpiece version that sees “the People’s Car” encased in 80kg of 22 carat gold, 15kg of sliver and 10,000 semi-precious and precious stones.
Now that the race to fill Ratan Tata’s shoes has officially begun and a secret committee has been set up to name his successor, industrialists in south Bombay – as they prefer to call Mumbai – are having a good time at their local members-only clubs betting on who will takeover the helm of India’s most prestigious corporate group.