Mumbai, December 28
Corporate icon Ratan Tata today retired as chairman of the Tata Group after a 50-year run, predicting that India's growth will re-establish after the “passing phase” of a difficult environment that would most likely continue in 2013.

Turning 75 today, he kept away from the Bombay House headquarters of the $100 billion group, but instead spent time with employees in the manufacturing facilities of Tata Motors in Pune.

"At the request of the union, I spent the day -- my last day prior to retirement - at the Tata Motors' various manufacturing facilities at Pune to say farewell to my shop floor colleagues. We have been together in good times and bad and have gained closeness based on mutual trust," he tweeted.

He said in his Twitter message that going to the plants and receiving greetings from so many colleagues was a great emotional experience. "I have been deeply moved by the sincerity and spontaneity of their greetings. I will always carry memories of this day with me through the rest of my life," Tata said. In a farewell letter to all employees, he asked them to live by the value systems and ethical standards the group had followed all along.