MUMBAI, Oct 11:
Noel Tata, half-brother of legendary industrialist late Ratan Tata, will be the new head of Tata Trusts — a collective of charities that indirectly controls the USD 165-billion salt-to-software conglomerate.
Noel Tata has been appointed as Chairman of all the trusts that constitute the Tata Trusts and also designated Chairman, Tata Trusts, Tata Trusts said in a a statement.
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The trustees of various trusts that comprise the Tata Trusts met at a joint meeting in Mumbai on Friday and condoled the demise of Ratan Tata, Chairman, Tata Trusts, and “recalled his yeoman services not only to the Tata Group but also to nation building”, it said.
“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, Tata Trusts,” the statement said.
His appointment is effective immediately, it added.
On his appointment, Noel Tata said, “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.”
He further said, “On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation building.”
The 67-year-old Noel was chosen by the board to lead the string of philanthropic trusts that control the Tata empire. He is already a trustee on the boards of Sir Ratan Tata Trust and Sir Dorabji Tata Trust.
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 per cent stake in Tata Sons, the holding and promoter firm of Tata Group companies.
Known to keep a low profile, Noel was also seen at the cremation of his half brother on Thursday.
The meeting of the Tata Trusts board was held to choose the successor to Ratan Tata after his demise on Wednesday.
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 Rs 2 lakh crore. He is also the chairman of Voltas and Tata International.
Noel is married to Aloo Mistry, the sister of the late Cyrus Mistry and a part of the Shapoorji Pallonji family, which is the single largest private shareholder of Tata Sons with more than 18.4 per cent holding.
Relations between the Shapoorji Pallonji group and the Tatas have not been warm since the sacking of Cyrus Mistry from the chairmanship of Tata Sons.
Tata Sons operates all commercial enterprises in the group and collectively reported revenues of USD 165 billion last year. (PTI)
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