In fact, the recast process is expected to come through with an elaborate process of discussions, feedback and interactions with the participating group companies, so that any straight implementation of such a report is impossible, the sources said.

There has been substantial speculation in the financial press of late with regard to the McKinsey report's contents, and the possibilities of immediate action governed by the principles of recast suggested by it. The Tata group sources point out that the immediate agenda of change will not be a systematic implementation of the report, without extensive management analysis and inputs.

The process of distilling opinions and ideas within the group and micro-management of the restructuring process has been entrusted to a group of senior directors of holdingcompany Tata Sons. The team is headed by Tata Sons executive director (finance) Soonawala.

In fact, since these directors are also associated with crucial group functions even as they consider the recast proposals, it is not very easy for them to come together on a regular basis, say sources, a matter which has been a drag on the recast process.

Although the two flagship companies of the Tata group, Tata Steel and Telco, have had their most difficult year in memory thanks largely to crippling recession in their respective industries, the board meetings of the two companies scheduled for May 28 and June 2 are not going to take up any issue in their respective agenda related to restructuring, say sources. The meetings will concentrate on the financial results, and the business atmosphere.

It is believed that through the process of interaction with the group companies, the Tata top brass also wants to ensure that the employees' interests are also taken into account when charting the changes.

Also, whilein the process of business, in the normal logic of operations certain steps are becoming inevitable, and are being taken, say Tata group sources, pointing out to equity disinvestments in recent times in the pharmaceutical and the cosmetics businesses. More such disinvestments are possible over the next year, but not necessarily, the sources point out, changes charted by McKinsey in its otherwise valuable restructuring report.