Mumbai: Noel Naval Tata, the newly-appointed chairperson of Tata Trusts, on Friday, October 11 said he looks forward to carrying on the legacy of Ratan Naval Tata and the founders of the Tata Group.
The Tata Trusts board met at a joint meeting held here and took the unanimous decision to appoint Noel Tata, the half-brother of Ratan Tata, as the new chairperson after the latter’s demise.
“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 Mr Ratan N Tata and the Founders of the Tata Group,” said Noel Tata.
“Founded more than a century ago, the Tata Trusts are a unique vehicle for undertaking social good. On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation-building,” he added.
The Trustees condoled the demise of Ratan Tata and recalled his yeoman services not only to the Tata Group but also to nation-building.
In separate meetings held immediately, thereafter, it was unanimously decided to appoint Noel Tata as the chairperson of the various Trusts that constitute the Tata Trusts and also designate him as chairperson, of Tata Trusts.
Noel Tata’s appointment comes into place effective immediately. Noel Tata is known for his relatively low-profile leadership, a stark contrast to Ratan Tata’s more public-facing role. He has been instrumental in driving the conglomerate’s growth since he joined the Tata Group in the early 2000s.
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 chairperson 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 chair of Tata Sons.
Tata Sons operates all commercial enterprises in the group and collectively reported revenues of USD 165 billion last year.
Noel was seen as a front-runner to succeed Ratan Tata at Tata Trusts, and there was also speculation about Ratan Tata’s long-time confidante Mehli Mistry.
According to some reports, Mehli, who is already a trustee of the Tata Trusts, is being considered to be made a permanent trustee. However, there was no confirmation of the same.
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.
Since 1892, Tata Trusts, India’s oldest philanthropic institution, has been at the forefront of creating lasting impact among communities. Rooted in the visionary philanthropy of our Founder, Jamsetji Tata, the Trusts remain resolute in catalysing transformative change and leading advancements that uplift communities across the nation.
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