Updated at 4pm on 10 April 2026 to include a statement from Shapoorji Pallonji Mistry
Momentum for a possible listing of Tata Sons seems to be building, even though Tata Trusts chairman Noel Tata had directed the holding company’s leadership to explore ways to keep it private. A senior trustee, Venu Srinivasan, has now publicly backed the idea of listing, even though he resigned recently as a fallout of the ‘non-Parsi trustee row’ triggered by former trustee Mehli Mistry. Mr Mistry’s affidavit challenging the appointment of non-Parsis to one of the two main Tata Trusts has highlighted the continuation of a power struggle inside India’s most storied corporate group after the death of Ratan Tata.
On Thursday,
The Economic Times reported that Mr Srinivasan, vice chairman of Tata Trusts, had described a listing of Tata Sons as ‘inevitable’ if the Reserve Bank of India (RBI) maintains its classification as an upper-layer non-banking finance company (NBFC) requiring greater scrutiny and listing.
He says that listing would enable the group to raise the large capital required for capital-intensive, technology-driven businesses in aviation, defence, semiconductors, batteries and electronics, as internal resource generation has limits. He also noted it could provide an exit route for the Shapoorji Pallonji (SP) group which has an 18.37% stake in Tata Sons.
This public stance marks the first time a sitting trustee has openly supported listing. It contrasts with the Tata Trusts’ unanimous resolution in July 2025 to keep Tata Sons unlisted and with Noel Tata’s more recent directive.
Under RBI's scale-based regulation framework codified in October 2023, Tata Sons, classified as an upper-layer finance company, was to have been listed by 30 September 2025. It is the only NBFC in that category to have failed to list and to have applied to deregister as a finance company by closing out its debt and financial commitments to group entities. However, even under RBI’s amended master directions, there is a strong view that Tata Sons cannot avoid listing. Mr Srinivasan's comments seem to echo this view which is also shared by other key trustees.
It now appears that Noel Tata is increasingly isolated on the issue of keeping Tata Sons private. The group’s single-largest shareholder, the Shapoorji Pallonji group, is already on record as pushing for a listing. The group had called the listing ‘not merely a financial step’ but a ‘moral and social imperative’.
According to group sources, the other non-Parsi trustee, former defence secretary Vijay Singh, is also understood to be in favour of listing Tata Sons for similar reasons. He reportedly said that the group’s expansion into defence, semiconductors and advanced electronics will require market access to capital that cannot be generated internally. He also believes that such a listing will have no impact on the dominant shareholding of the trusts, which will continue to be significant shareholders in Tata Sons.
In response to a query on WhatsApp from Moneylife, Mr Singh told us that his views are pretty much the same as Mr Srinivasan's. “I share Venu’s assessment and would support a review of the earlier resolution should that be required. My understanding is that a unanimous resolution by the trusts against listing is now unlikely.”
It is interesting that the two trustees targeted by Mehli Mistry’s recent affidavit are both in favour of listing Tata Sons and have, unusually enough, been forthcoming about their views to the media.
Proponents of listing argue it would bring additional market discipline, transparency and liquidity without diluting Tata Trusts’ controlling 66% stake. According to an analyst, even applying a high 40%–60% holding company discount, Tata Sons may be valued at ₹5 lakh crore- ₹8 lakh crore on listing.
Whether these pressures ultimately force a listing remains to be seen, but the frequent skirmishes are clearly testing the stability that has been central to the Tata Group’s model for over a century.
UPDATE:
In a statement, Shapoorji Pallonji Mistry, chairman of Shapoorji Pallonji group says the group would like to reiterate that a timely listing of Tata Sons is not merely a regulatory compliance but a necessary evolution. "One that will reinforce corporate governance, deepen transparency and accountability. These form the very foundation of the Tata group. To date, no clear, evidence-based case has been presented to explain how a public listing would materially damage the interests of the trusts or reduce their ability to serve beneficiaries.
He says, "The listing of Tata Sons is fundamentally in the public interest. A publicly listed holding company strengthens board accountability, broadens the investor base, and secures longterm value for all stakeholders. Besides, a listing will unlock value for millions of retail shareholders, create a more defined and robust dividend stream for the Tata Trusts, and expand the social and philanthropic impact that benefits the poorest sections of our country."
"While we remain in constructive engagement with the Tata Sons leadership to come to an amicable reconciliation at the earliest, we look towards the Reserve Bank of India for a decisive direction with regard to the listing," he added.
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