NEW DELHI: Tata Trusts, a collective of charities that indirectly controls the Tata Group, named Noel Tata (pic) as its new chairman, CNBC TV-18 reported, without saying where it got the information from.
Noel is the half-brother of Ratan Tata and currently heads group’s massively successful fast fashion retailer, Trent Ltd.
He will succeed Ratan Tata at Tata Trusts, which indirectly oversee a sprawling US$165 billion business empire spread across 100 countries, the TV channel said in a report Friday (Oct 11).
Ratan Tata, the stalwart businessman who created India’s first multinational conglomerate through marquee acquisitions, passed away on Wednesday.
Tata’s successor is a crucial appointment for the coffee-to-cars conglomerate because Tata Trusts own 66% in the closely held Tata Sons Pvt., the main holding company that in turn controls the group’s largest listed entities including Tata Consultancy Services Ltd., Tata Steel Ltd. and Jaguar Land Rover owner, Tata Motors Ltd.
The true sway of a Tata Trusts chair became apparent for the first time in 2016 when Tata led the shock ouster of Cyrus Mistry as Tata Sons chairman, triggering one of India’s biggest corporate battles.
Tata Trusts are made up of two main charities Sir Ratan Tata Trust and Sir Dorabji Tata Trust under which there are 12 other allied charities, according to the official website. - Bloomberg
[--With assistance from Anirban Nag]
