Noel Tata appointed chairman of Tata Trusts, says 'deeply honoured and humbled'

Noel Tata appointed chairman of Tata Trusts

Noel Tata was on October 11 appointed the chairman of Tata Trusts, Tata group's philanthropic arm, succeeding his half-brother Ratan Tata who died two days ago at the age of 86 with immediate effect.

"The Trustees of various Trusts that comprise the Tata Trusts met at a joint meeting held in Mumbai today. They condoled the demise of Ratan N. Tata, Chairman, Tata Trusts, 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 Naval Tata as the Chairman of the various Trusts that constitute the Tata Trusts and also designate him as Chairman, Tata Trusts. His appointment comes into place effective immediately," said Tata Trusts in a statement.

Ratan Tata never married, had no children, and did not name a successor at Tata Trusts. Noel's appointment is of significance as Tata Trusts owns 66% of Tata Sons, the holding company of various firms under the Tata brand which is more than 150 years old.

“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 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. On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation building," said Noel Tata about his appointment as Tata Trusts chairman.

Decision to appoint Noel Tata as chairman today was keeping in mind Ratan Tata’s approach of 'moving on', CNBC-TV18 reported earlier on October 11.

Corporate lawyer HP Ranina said the Tata Trusts has made the right choice in Noel Tata, and this will be very good for the entire organisation. One can expect 'total continuity and harmony', and one is confident that the best of Tata Group is yet to come.

Calling Noel a 'very nice and sensible man', R Gopalakrishnan, former board member of Tata Sons, said he would do 'very well for the Trust'. With his business and entrepreneurial acumen, Noel will be able to add a lot of value to the Tata Trusts, he added.

Since 2014, he has been the chairman at Trent Ltd., the conglomerate’s massively successful apparel retailer, whose shares have surged more than 6,000% in the past decade.

Noel previously helmed Tata International Ltd. from 2010 to 2021, during which the commodity trading firm’s revenue jumped from $500 million to over $3 billion.

He’s also on the boards of several listed Tata firms, including Tata Steel Ltd. and Voltas Ltd. His children — Maya, Neville and Leah — are also trustees of some of the family-linked charities, according to the Tata Trusts website.

The business of Tata Group's retail play, Trent, under Noel Tata has achieved heights while being very quiet, which also reflects on the style of Noel's leadership, said Vallabh Bhanshali of Enam Holding. Now, he said, the canvas for Noel Tata is very large.

The Tata group is now well-aligned to the trends that are visible today, said Bhanshali, adding that the strong forays into emerging businesses gives them the advantage, thanks to a solid foundation.

67-year-old Noel Tata is the son of Naval Tata, who was also Ratan’s father, and Simone Tata. Already on the boards of the key Sir Ratan Tata Trust and Sir Dorabji Tata Trust, Ratan Tata's half-brother was the frontrunner to succeed him.

The true sway of a Tata Trusts chair became apparent for the first time in 2016 when Ratan Tata led the shock ouster of Cyrus Mistry as Tata Sons chairman, triggering one of India’s biggest corporate battles.

Tata Trusts was setup by Noel and Ratan's great grandfather Jamsetji Tata in 1892, years after he founded the Tata group.

Noel Tata is a graduate of Sussex University and is an Irish citizen married to Cyrus Mistry's sister.

With inputs from Bloomberg