NEW DELHI — Tata Trusts, the philanthropic arm of India’s Tata Group conglomerate, has named 67-year-old Noel Tata as its chairman following the death of his half-brother, Ratan Tata, on Wednesday at age 86.
The trustees of various Tata Trusts held a joint meeting in Mumbai today to name Noel as chairman of both the individual trusts and the umbrella organisation, Tata Trusts.
This position grants Noel enormous influence over the vast Tata business empire, which, in 2023-24, generated annual revenues of US$165 billion (RM706 billion) across 30 companies and employed one million people globally.
“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 Ratan Tata and the founders of the Tata Group,” Noel said in a statement.
Tata Trusts holds a 66% stake in Tata Sons, the holding company of the Tata Group, which operates in sectors including steel, power, automobiles, defence, telecommunications, hotels, and aviation, and produces a wide range of consumer products such as salt, tea, bottled water, and jewellery.
As of March 31, the market capitalisation of 26 publicly listed Tata Group companies was US$365 billion (RM1.56 trillion).
Ratan, one of India’s most admired corporate leaders, led the Tata Group for 21 years until 2012.
He never married and is survived by Noel, two half-sisters, and a brother.
Noel is the son of Naval Tata from his second marriage. His wife, Aloo Mistry, is the daughter of the late billionaire Pallonji Mistry. — October 11, 2024