Noel Tata To Succeed Ratan Tata as Chairman of Tata Trusts

Moneylife Digital Team 11 October 2024

Economy & Nation

Noel Tata, the half-brother of the late Ratan Tata, will be the next chairman of Tata Trusts. The 67-year-old Noel was chosen by trustees of various Tata Trusts that control the Tata group at a joint meeting in Mumbai.

In a statement, Tata Trusts say, "The trustees of various trusts that comprise the Tata Trusts met at a joint meeting held in Mumbai on Friday. They condoled the demise of Ratan N Tata, chairman, Tata Trusts, and recalled his yeoman services not only to the Tata Group but also to nation building."

"In separate meetings held immediately thereafter, it was unanimously decided to appoint Noel Naval Tata as the chairman of the various Trusts that constitute the Tata Trusts and also designate him as chairman of Tata Trusts. His appointment comes into place effective immediately," it added.

Speaking on this occasion, Noel Tata, newly appointed chairman of Tata Trusts, stated, "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 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."

Having functioned mostly under the shadows of his illustrious half-brother, Noel will now have the responsibility of leading the Tata Trusts—broadly comprising Sir Ratan Tata Trust & Allied Trusts and Sir Dorabji Tata Trust & Allied Trusts—that hold a controlling 66% stake in Tata Sons, the holding and promoter company of the Tata group.

He is already a trustee on the boards of Sir Ratan Tata Trust and Sir Dorabji Tata Trust.

Noel has been involved with the Tata group since 1999 and chairs the successful retail arm Trent, which looks after chains like Westside and Zudio and commands a market-capitalisation of over Rs2 lakh crore. He is also the chairman of Voltas and Tata International.

Noel Tata is married to Aloo Mistry, the sister of the late Cyrus Mistry. Aloo Mistry is a part of the Shapoorji Pallonji family, the single largest private shareholder of Tata Sons, with more than 18.4% holding.

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 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.

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