Noel Tata elected chairman of Tata Trusts after Ratan Tata’s passing | People
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 N Tata 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 trustees of the various trusts that form the Tata Trusts met today to express their condolences on the passing of Ratan N Tata. Following this they unanimously appointed Noel Naval Tata as the new chairman of the trusts, with his appointment taking immediate effect.
In his first statement as Chairman, Noel Naval Tata expressed his gratitude and commitment to upholding the legacy of Ratan Tata and the founders of the Tata Group.
“I am deeply honoured and humbled by the responsibility that has been cast on me by my fellow Trustees. I look forward to carrying on the legacy of Mr. Ratan N. Tata and the Founders of the Tata Group. Founded more than a century ago, the Tata Trusts are a unique vehicle for undertaking social good. On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation building,” Noel Tata said.
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 led 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 had not named a successor for the leadership of Tata Trusts before his death, sparking speculation about the future governance of the trusts. However, it had long been anticipated that Noel Tata would be his successor, given his close involvement with Tata Trusts and his extensive experience within the conglomerate.
Who is Noel Tata?
Noel Tata is the son of Naval H Tata and Simone Tata, and 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 per cent stake in Tata Sons, giving them a significant voice in the business.
He is currently the chairman of Trent, Voltas, Tata International, and Tata Investment Corporation. He was appointed to the board of the Sir Ratan Tata Trust in 2019 and has gradually taken on more prominent roles within the group. He became vice chairman of Titan Company in 2018 and vice chairman of Tata Steel in 2022.
Under Noel Tata’s leadership at Tata International Ltd, where he served as CEO from 2010 to 2021, the company saw its revenues rise from $500 million to over $3 billion. He continues to serve on the boards of prominent Tata firms such as Tata Steel and Voltas.
Noel Tata has maintained a lower profile compared to the late Ratan Tata, whose leadership style was more media-friendly.
Tata Trusts
As one of India’s leading public charitable foundations, Tata 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. These charitable and philanthropic trusts date back to 1919.
Key figures in this governance structure include former Defence Secretary Vijay Singh and Venu Srinivasan of TVS Motors.
Ratan Tata had ensured that the positions of chairman of Tata Sons and chairman of Tata Trusts would not be held by the same person, allowing for a clearer division of responsibilities and oversight.
Tata Trusts also play a critical role in the governance of the Tata Group, controlling a 66 per cent stake in Tata Sons. Tata Sons is 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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