Noel Tata, half-brother of the late Ratan Tata, has been unanimously elected as the chairman of Tata Trusts following the passing of the legendary industrialist Ratan Tata, CNBC-TV18 reported on Friday. Noel Tata is already a key trustee of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. He will now lead the trusts that hold a controlling stake in Tata Sons, the primary holding company of the Tata Group.
The move has long been anticipated, given Noel Tata’s close involvement with Tata Trusts and his extensive experience within the conglomerate. He is currently the chairman of Trent, Voltas, Tata International, and Tata Investment Corporation. Noel Tata, the son of Naval H Tata and Simone Tata, is married to Aloo Mistry, linking him to the influential Mistry family. The Shapoorji Pallonji group, controlled by the Mistry family, holds an 18.3% stake in Tata Sons, giving them a significant voice in the business.
Noel Tata’s appointment follows the passing of Ratan Tata, a towering figure in Indian business, who passed away on October 9 at the age of 86. Ratan Tata, who served as Chairman Emeritus of Tata Sons and helmed Tata Trusts, had been admitted to Mumbai’s Breach Candy Hospital after his health deteriorated. His passing leaves a significant leadership gap in the philanthropic arm of the Tata empire, which Noel Tata is now set to fill.
Ratan Tata did not name a successor for the leadership of Tata Trusts before his death, sparking speculation about the future governance of the trusts. As one of India’s leading public charitable foundations, the trusts are managed by a board of 13 trustees across its two major entities: the Sir Ratanji Tata Trust and the Sir Dorabji Tata Trust. Key figures in this governance structure include former Defence Secretary Vijay Singh and Venu Srinivasan of TVS Motors and a leader in the automobile industry.
Tata Trusts play a critical role in the governance of the Tata Group, controlling a 66 per cent stake in Tata Sons, the holding company overseeing diverse businesses spanning from automobiles to aviation. Through their charitable and philanthropic work, these trusts donated approximately Rs 456.42 crore (around $56 million) during the financial year 2022-23.
First Published: Oct 11 2024 | 1:51 PM IST
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