The board of Tata Sons has approved Executive Chairman N Chandrasekaran's re-appointment for another five years, the company said in a statement Friday. The board of directors unanimously accepted N Chandrasekaran's reappointment, according to the company. Ratan Tata, who was invited as a special guest to the conference, also proposed that his term be extended for another five years, according to the company.

Ratan N. Tata, Chairman Emeritus of the Tata Group and a special invitee to the meeting, expressed his pleasure with the Tata Group's progress and performance under Chandrasekaran's leadership. According to the statement, he recommended that his term be extended for another five years.

"It has been an honour to lead the Tata Group for the previous five years, and I am happy at the opportunity to lead the Tata Group for another five years, in its next phase," Chandrasekaran said of his re-appointment.

The re-appointment of Chandrasekaran comes just weeks after the Tata Group took control of the government-controlled airline Air India in January, regaining ownership after nearly 70 years and marking a success for Prime Minister Narendra Modi's privatisation drive.

In October, the auto-to-steel behemoth won a $2.4 billion equity and loan deal to take over Air India, putting an end to years of effort to privatise the financially struggling airline that had been kept afloat with taxpayer funding.

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