New Delhi ( CNN ) -- Ending years of speculation over the future leader of one of India 's largest and most influential business groups , Tata Sons Wednesday named 43-year-old Cyrus Pallonji Mistry as the successor to business icon Ratan Tata , the man who has led the $ 80 billion conglomerate for the past two decades . The company broke away from tradition by appointing a non-family member for the first time in its almost 150-year-old history . Mistry said in a statement that he was `` deeply honored '' and he was aware that an `` enormous responsibility , with a great legacy , has been entrusted '' to him . Mistry is not new to the group ; he has been on the board of Tata Sons since 2006 and will now serve as the group 's deputy chairman until Ratan Tata retires in December 2012 . Mistry is currently the managing director of construction giant Shapoorji Pallonji & Co. His family owns 18 % stake in Tata Sons , making the family the second biggest share-holder behind Tata Trust which has a 67 % stake . Mistry said in a statement that he will `` legally dissociate '' himself from the management of his family businesses however `` to avoid any issue of conflict of interest . '' Tata said the appointment of Mistry was a `` good and far-sighted choice '' and that he had been `` impressed with the quality and caliber of his participation , his astute observations and his humility . '' `` I will be committed to working with him over the next year to give him the exposure , the involvement and the operating experience to equip him to undertake the full responsibility of the group on my retirement , '' he added . Tata , 73 , is a bachelor with no children . He took over the family business in 1991 and has been credited for pioneering different markets and turning `` Tata '' into a household name . With more than 100 companies in various sectors from steel to automobiles to tea , spread across 80 countries , Tata Sons employs almost half a million people around the world . His international forays include the acquisition of British luxury automobiles brand Jaguar and Land Rover , Tetley Tea and European steel giant Corus . At home , Tata made headlines when he launched what he has described as his favorite venture the Tata Nano -- the world 's cheapest car . Tata Sons also own the Taj group of hotels , including the Taj Mahal Palace and Tower in Mumbai which was at the center of the deadly 2008 terrorist attacks . In a recent interview with CNN , Tata had said he would like to leave behind a group of companies that continues his family 's legacy . `` What I would like to do is to leave behind a sustainable entity of a set of companies that operate in an exemplary manner in terms of ethics , values and continue what our ancestors left behind . And , I hope my successor will will be as committed to that as I have tried to be . '' He went on to say , `` My only regret is that I am not 20 years younger because I think India 's going through a very exciting period in its history . ''
Mistry is an $ 80 billion conglomerate . Mistry has no children . Tata Sons has been on the board since 73 .