Ranina, a Mumbai-based corporate tax lawyer, said Mr. Mistry's key target would be to turn around Tata Group's international steel business and consolidate all the other businesses.

WSJ: Tata Sons Appoints Successor

Tata Steel acquired Corus, an Anglo-Dutch firm, which made the Tata group UK's biggest manufacturer.

BBC: Can Mistry transform Tata's global brand?

An early flagship of the Tata Group conglomerate, it now shares a place alongside bigger steel, auto and outsourcing companies.

FORBES: Taj Hotels is extending another Tata arm to America.