The group was founded as a private trading firm in 1868 by entrepreneur and philanthropist Jamsetji Nusserwanji Tata.
Mr Mistry, who was appointed chairman to succeed Ratan Tata, is the sixth chairman of the Tata empire. Ratan Tata retired as chairman of Tata Group after a 50-year run on Friday. He, however, did not attend the office on the last day as he chose to celebrate his Diamond Jubilee birthday celebrations at the Tata Motors manufacturing facilities at Pune.
Mr Mistry, who was groomed for the assignment by Mr Tata for a year, had made a visit to Bombay House on Friday.
Mr Tata led the Tata group for 21 years after being chosen successor by his uncle JRD Tata in 1991. He is credited with transforming the group through bold decisions including large global acquisitions, even as some of its peers struggled to stay relevant post economic liberalisation.
Mr Mistry, who has been with the group since 2006 in various capacities hails from the Shapoorji Pallonji family, which is the largest private shareholder of the group's holding company Tata Sons.
Born on July 4, 1968, Mr Mistry completed his graduation in Civil Engineering from London's Imperial College of Science, Technology and Medicine and followed it up with masters in Management from the London Business School.
He was chosen by a five-member panel last year to succeed Ratan Tata.