Noel Tata is likely to be appointed as Chairman of Tata Trusts, CNBC-TV18 reported, citing sources, though a formal confirmation is still awaited.
Mehli Mistry may also be appointed as a permanent Trustee on Tata Trusts, according to sources. Mehli Mistry is a director of the Meher Pallonji Group and a member of the executive committee that oversees the functioning of Tata Trusts.
The Tata Trusts board is meeting today in Mumbai to discuss the group’s succession plans, following the passing of the former Tata Group chairman on October 9 at the age of 86.
Corporate lawyer HP Ranina told CNBC-TV18 that Mehli Mistry has been managing the routine affairs of Tata Trusts for the past few years. He emphasized that the trust needs someone with the time to dedicate to its operations. If Mehli is appointed as a permanent trustee and Noel as chairman, the trust can proceed with making key decisions. Ranina expressed confidence that everything will be resolved with consensus, noting that the matter would have been discussed internally beforehand.
Amit Tandon of IiAS also shared his views with CNBC-TV18, stating that alignment between Tata Trusts, Tata Sons, and group companies is crucial, which was affected during the dispute with Cyrus Mistry. He added that the process behind these appointments is of great importance, and the trust is adhering to this procedure.
The passing of Ratan Tata has brought renewed focus on the future leadership of Tata Trusts, with Noel Tata, his half-brother, expected to play a key role in overseeing the trusts that govern the group’s holding companies.
Ratan Tata owned a small direct stake of 0.83 percent in Tata Sons, the holding company of the Tata Group. The majority of his net worth was derived from this stake.
In recent years, Noel Tata has gradually assumed more responsibilities within Tata Trusts. He is currently a trustee of both the Sir Ratan Tata Trust and the Sir Dorabji Tata Trust, which are vital entities within the Tata Trusts network. These trusts not only manage the group’s philanthropic activities but also hold a majority stake in Tata Sons, the parent company of the Tata Group.
Under Noel Tata’s potential leadership, Tata Trusts are expected to continue playing a significant role in the operations of the Tata Group.
The group operates in over 100 countries across six continents. For the financial year 2023-24, Tata companies collectively generated revenue exceeding $165 billion and employed over one million people.