Tata Sons, the holding company of over $80 billion conglomerate Tata Group, on Wednesday announced that Cyrus P Mistry, the 43-year-old managing director of Shapoorji Pallonji Group, will succeed Ratan Tata. “The Board of Directors of Tata Sons at its meeting today appointed Cyrus P Mistry as the deputy chairman. He will work with Ratan Tata over the next year and take over from him when Tata retires in December 2012,” Tata Sons said in a statement. Shapoorji Pallonji Group holds 18% stake in Tata Sons. Commenting on the appointment, Ratan Tata, chairman of Tata Sons, said: “The appointment of Cyrus P Mistry as deputy chairman of Tata Sons is a good and far-sighted choice. He has been on the Board of Tata Sons since August 2006 and I have been impressed with the quality and calibre of his participation, his astute observations and his humility.” Mistry has been a director of Tata Sons since August 2006. A graduate in civil engineering from Imperial College, London, he also holds a management degree from the London Business School.