Mumbai: Noel Tata, the half-brother of late Ratan Tata, will be the next chairman of Tata Trusts, sources said Friday.
The 67-year-old Noel was chosen to lead the trusts, which collectively own Tata Sons, in a meeting Friday.
The meeting of the board was held to choose the successor to Ratan Tata after his demise Wednesday.
A formal announcement on the appointment of Noel, who runs retail business Trent, is likely soon.
Ratan Tata, the former Tata Group Chairman, passed away October 9 aged 86.
Noel Tata currently chairs several companies within the Tata portfolio, including Trent, Tata International Ltd, and Voltas Ltd.
As vice-chairman of Tata Steel and Titan, Noel has been instrumental in the conglomerate’s growth since joining the Tata Group in the early 2000s.
Earlier this year, Noel Tata’s three children — Leah, Maya and Neville — were appointed as trustees in multiple trusts associated with the Sir Ratan Tata Trust and Sir Dorabji Tata Trust.
Leah is currently vice president at The Indian Hotels while Maya is associated with Tata Capital. Neville is involved in Trent and the leadership team at Star Bazaar.
Tata Trusts is the umbrella body that manages functions of all 14 Tata trusts. Tata Trusts own 65.3 per cent of Tata Sons and play a significant role in guiding the direction of one of India’s largest conglomerates.
Ownership of Tata Sons is largely held by two key trusts under Tata Trust — Sir Dorabji Tata Trust and Sir Ratan Tata Trust, which together comprise over 50 per cent of the ownership.
The executive committee was chaired by Ratan Tata. The key three key members of the committee are Venu Srinivasan and Vijay Singh as Vice Chairman of Tata Trusts and Mehli Mistry as trustee.
In fiscal FY23, Tata Trusts made significant contributions to various initiatives, totalling Rs 581.52 crore in grant disbursements. This funding was through main umbrella trusts: the Sir Ratan Tata Trust, which contributed Rs 456.42 crore, and the Sir Dorabji Tata Trust, which disbursed Rs 125.10 crore.
PNN & Agencies
