Mumbai, Oct 11 (IANS): As the Tata Trust board meeting began on Friday to discuss group's succession plans after the demise of Ratan Naval Tata, reports surfaced that Noel Tata is likely to be appointed as the new Chairman of Tata Trust.
However, an official confirmation was still awaited. Ratan Tata, the former Tata Group Chairman, passed away on October 9 aged 86.
The board meeting went underway in the financial capital to discuss the crucial succession plans. The trust deeds provide clear guidance on the appointment of the Trust Chairperson, paving the way for the key leadership transition.
Noel Tata currently chairs several companies within the Tata portfolio, including Trent, Tata International Ltd, and Voltas Ltd.
As vice-chairman of Tata Steel and Titan, Noel has been instrumental in the conglomerate's growth since joining the Tata Group in the early 2000s.
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 currently 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.
Tata Trusts is the umbrella body that manages functions of all 14 Tata trusts. Tata Trusts own 65.3 per cent of Tata Sons and play a significant role in guiding the direction of one of India’s largest conglomerates.
Ownership of Tata Sons is largely held by two key trusts under Tata Trust — Sir Dorabji Tata Trust and Sir Ratan Tata Trust, which together comprise over 50 per cent of the ownership.
The executive committee was chaired by Ratan Tata. The key three key members of the committee are Venu Srinivasan and Vijay Singh as Vice Chairman of Tata Trusts and Mehli Mistry as trustee.
In fiscal FY23, Tata Trusts made significant contributions to various initiatives, totalling Rs 581.52 crore in grant disbursements. This funding was through main umbrella trusts: the Sir Ratan Tata Trust, which contributed Rs 456.42 crore, and the Sir Dorabji Tata Trust, which disbursed Rs 125.10 crore.