Ratan Tata steps down as Tata Power chairman

Country's largest electricity producer in the private sector, Tata Power on Thursday said Ratan Tata has stepped down as chairman of the company.

"Effective November 8, Ratan N Tata has stepped down as chairman of Tata Power and Cyrus P Mistry, has been appointed chairman," the company said in a statement.

Ratan Tata, who has been on the company board since 1989, would remain a board member till his retirement in December 2012.

Mistry, who would be succeeding as the chairman of Tata group, was inducted into Tata Power board on December 23, 2011.

"He (Mistry) also served on the board of Tata Power earlier for 10 years (from 1996 to 2006). A director of Tata Sons since 2006, he was appointed deputy chairman of Tata Sons in November 2011,"