( CNN ) -- Corporate India was surprised that the low-profile scion of an Indian construction tycoon will take over the nation 's most high profile company after a 14-month search . Reaction across the Indian business press was one of surprise at the appointment of 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 . Mistry was former head of Shapoorji Pallonji Group , a construction company . `` The first ( impression ) is wow ! People looked at the possibility of Tata 's half-brother succeeding him , but nobody looked at Mistry , '' Sunil Jain , opinion editor of the Financial Express , told India 's MoneyControl . `` I think for all you know , he may turn out to be a good chief . '' Mistry was named deputy chairman Wednesday , shadowing Tata for a year before officially taking the reins in December 2012 . Mistry is expected to be named the sixth chairman since the company 's founding in 1868 . India 's Tata Group names successor . It was widely expected that Tata 's half brother , Noel Tata -- who is married to Mistry 's sister -- would be named chairman . He is managing director of Tata International . Asked in an exclusive interview with CNN earlier this year what are the chances a Tata family member would replace him , the 73-year-old Ratan Tata said , `` My stepbrother is one of the candidates that is being considered and I do n't think it 's my lot to say whether it 's 50 % , or 90 % or 10 % ( chance ) . '' The Tata Sons holding company has about 100 companies sprawled under the Tata umbrella -- stretching across 80 countries in fields as diverse as automotive , energy , business consulting , steel , IT and telecommunications sectors -- with annual revenues of $ 83 billion . Under Ratan Tata , the group aggressively expanded overseas , and now owns the Jaguar and Land Rover brands , as well as European steelmaker Corus Steel and Tetley Tea . The company made history in 2009 with the production of the Nano , the world 's cheapest car . The group also owns 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 . Tata 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 . The decision was announced by a five-member selection committee that once included Mistry , who left the committee after he became a candidate for the job . `` For some it is a welcome move and for some others it is a case of a selector becoming the selected , '' wrote the Hindu Business Line . Mistry 's family business , led by his construction tycoon father , Pallonji Mistry , is the largest single shareholder in Tata Sons with an 18.4 % equity stock . Most of the company 's stock is controlled by Tata family philanthropic trust funds . Mistry 's father has an estimated net worth of $ 8.8 billion , according to Forbes . The younger Mistry has been on the Tata board since 2005 , taking over a seat vacated by his father . Described as an avid golfer and prolific reader of business books , Mistry has a civil engineering degree from London 's Imperial College and studied management at the London Business School . Mistry is married to Rohiqua , daughter of high-profile lawyer Iqbal Chagla , who told Indian press that Mistry `` has a very old head on his young shoulders . '' `` People raised eyebrows when Ratan Tata succeeded JRD ( Tata , the previous chairman ) , '' Darius Pandole , a partner in New Silk Route , told India 's Economic Times . `` Look at what he 's achieved . '' CNN 's Sumnima Udas contributed to this story .
India business press surprised by the selection of Cyrus Mistry as Tata deputy chair . Will replace Ratan Tata as chairman of the Tata Group in December 2012 . *