Skip to content 
Search

Latest Stories

India’s Tata removes Cyrus Mistry as beverage giant chairman

INDIAN conglomerate Tata removed Cyrus Mistry as the chairman of the tea giant Tata Global Beverages Limited today (November 15), weeks after dumping him as group chief in a move that stunned the country’s business world.

Mistry was unceremoniously sacked last month as chairman of Tata Sons, the holding company of India’s most famous family conglomerate - the $103 billion steel-to-salt Tata Group.


TGBL said in a statement to the Bombay Stock Exchange that Harish Bhat had replaced Mistry as the chairman, after seven out of 10 company directors voted for his removal during Tuesday’s board meeting.

“The board of directors resolved to replace Cyrus Mistry as Chairman of the company,” TGBL said.

TGBL is the maker of one of India’s leading tea brands - Tata Tea and British Tetley Tea and coffee brand - Eight O’Clock.

Last week, IT giant Tata Consultancy Services (TCS), removed Mistry as the chairman of India’s biggest IT outsourcing firm as company patriarch Ratan Tata reasserts his authority over the sprawling conglomerate.

Mistry was sacked on October 24 with Tata unhappy at the direction he was taking the company in. The 78-year-old Tata, who led the group for more than two decades, has taken interim charge until a successor is found.

The pair have traded barbs since Mistry’s ouster, plunging the group into bitter infighting with directors firmly placed in either camp.

Removing Mistry from various boards is not going to be easy however as he is heir to the multi-billion-dollar construction giant the Shapoorji Pallonji Group, which is the largest single shareholder in Tata Sons, owning 18.4 per cent.

The Tata Group was founded under in 1868. It operates in more than 100 countries and owns high-profile companies such as Anglo-Dutch steel firm Corus and Britain’s Jaguar Land Rover.

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less