Mr. Mistry will take over from Ratan Tata, who steps down on December 28 after he turns 75. Mr. Tata has been conferred the honorary title of chairman emeritus.
Mr. Mistry has been serving on the board of Tata Sons since 2006, and was in November 2011 appointed successor to Mr. Tata, who has been chairman since 1991.
Last month, Mr Tata had stepped down as chairman of Tata Global Beverages, making way for successor Mr Mistry, who was inducted into the board of Indian Hotels Company. Mr. Mistry was also appointed as the deputy chairman of Tata Steel and Tata Chemicals. Tata Consultancy Services had also inducted him as deputy chairman.
Earlier this week, he was named chairman of Tata Motors.
Mr. Mistry, 44, is the son of construction tycoon Pallonji Shapoorji Mistry. Valued at $8.8 billion, Pallonji holds an 18.5 per cent stake in Tata Sons, making him the single largest shareholder.
He is the younger son of Pallonji and is married to Rohika Chagla, the daughter of lawyer Iqbal Chagla. He has an elder brother, Shapoor Mistry, and one of his sisters is married to Noel Tata, Ratan Tata's half-brother.