MUMBAI (AFP): Late Indian tycoon Ratan Tata's half-brother was appointed late on Friday to succeed him as chairman of a collective of philanthropic institutions that wield indirect control over the US$165 billion Tata Group.
Noel Tata succeeds Ratan, who died Wednesday after turning the sprawling family-run Tata Group conglomerate into a global giant.
Ratan was until his death the chairman of Tata Trusts, which through a complex ownership structure has a roughly 66 percent stake in the group's holding company Tata Sons.
Tata Sons is the single largest shareholder in firms like IT giant Tata Consultancy Services, India's second-biggest company by market cap, and Tata Motors -- which owns British luxury carmaker Jaguar Land Rover.
"It was unanimously decided to appoint Mr. Noel Naval Tata as the Chairman of the various Trusts that constitute the Tata Trusts and also designate him as Chairman," a press release said.
"His appointment comes into place effective immediately."
Noel Tata said in a statement that he was "deeply honoured and humbled by the responsibility" and looked forward to carrying on his half-brother's legacy.
While Noel has been associated with the group for decades, he is mostly publicly known for being chairman of Trent, the conglomerate's wildly successful apparel retailer.
Tata Trusts was set up in 1892 and plays no role in the day-to-day functioning of listed firms that come under the Tata brand, instead supporting housing, healthcare and education charities.
Tata Sons is in charge of the group's strategy and is currently headed by chairman N. Chandrasekaran, who was appointed in 2017.
Because the Tata Trusts is the largest shareholder in Tata Sons, its chairman effectively oversees the sprawling empire, and will play a key role in deciding Chandrasekaran's eventual successor. - AFP
