A selection committee has been set up by the board of Tata Sons in a bid to find out the successor of current Chairman of the conglomerate, Ratan Tata.

The constitution of the committee is going to have five members including one external member as well. Ratan Tata is going to retire in December 2012 and the panel is said to have started its work already.

It must be noted that such a move came up just a few days after Noel Tata was made the head of the $72 billion worth of group's international operations. There is also a growing speculation that Noel, who is also the half-brother of Ratan, going to succeed him.

As for the panel, there is no clearance as to who is going to be the members as no announcements regarding the same have been made till now.

In a statement, the group said, "The Board of Tata Sons Ltd has formed a selection committee comprising five members, including an external member for eventually deciding on a suitable successor to Ratan N Tata."

Ratan Tata is of 72 years of age.