This Article is From Aug 28, 2012

Ratan Tata won’t get retirement package

Ratan Tata won?t get retirement package

Tata group chairman Ratan Tata, who will step down from the helm in December to make way for deputy chairman Cyrus Mistry, has turned down any retirement package from the company, saying “the company has taken good care of me”.

Addressing the annual general meeting of Tata Steel, his last as the chairman of the company, Mr. Tata said he was “comfortable” and did not need any “handsome retirement package”. See highlights of AGM

Tata Steel is the same company where Mr. Tata started his career in 1962.

The steel maker earlier this week reported nearly 89 per cent decline in consolidated net profit at Rs 597.88 crore for the first quarter ended June 30, 2012. Profit in the corresponding quarter of the previous fiscal was Rs 5,346.55 crore.

Mr. Tata said the company has had a difficult year as the whole steel industry was under pressure all over the world.