Tata Trusts asks Tata Sons to try and stay private, provide an exit to SP group: Report

Noel Tata-led Tata Trusts has directed Tata Sons chairman N Chandrasekaran to consider all options so that the holding company of the Tata group stays private, a report by Mint said on July 31. Moreover, the Trusts asked Tata Sons to continue its talks with the group’s largest minority shareholder Shapoorji Pallonji Group for the latter’s exit, the report said.

The development comes after a board meeting of Sir Ratan Tata Trusts took place on July 28, which was attended by all the trustees, the paper said. Tata Trusts owns 65.9 percent of Tata Sons and Noel Tata took over as the chairman following the death of Rata Tata last year.

The Trusts, in a resolution passed at the meeting, said the Tata Sons chairman is requested to “exercise best endeavours” to ensure that it remains an unlisted private company and it “fully engages” with the Reserve Bank for that, the newspaper reported

Significantly, the board of the Trusts also cleared the renewal process of Chandrasekaran’s term as chairman of the holding company beyond February 2027, a report by The Economic Times said.