Ratan Tata is stepping down as chairman of India's Tata Group. The 75-year-old will hand over control of the group, which owns Jaguar Land Rover in the UK, to Cyrus Mistry.
The Tata group, which has global interests ranging from software to steel, is best known for manufacturing the world's cheapest car, the Nano. Tata Motors is India's largest vehicle manufacturer.
Mr Tata has headed the group since 1991 and grown revenues to $100bn (£62bn) through a host of acquisitions.
In a farewell message to the company's half a million employees, Mr Tata, above, said the group would have to work hard to retain its margins.