Mumbai, Oct 11 Noel Tata on Friday was unanimously appointed as Chairman of Tata Group's philanthropic arm Tata Trusts during a board meeting to discuss the group's succession plans after the demise of Ratan Naval Tata at age 86.
The board decided to appoint Noel Tata, Ratan Tata's half-brother, who is on the boards of several listed company firms, including Tata Steel and Voltas.
The decision to appoint Noel Tata as chairman was keeping in mind Ratan Tata’s approach of 'moving on’.
According to reports, Mehli Mistry is set to be appointed as a permanent trustee of Tata Trusts. Mehli is the estranged first cousin of former Tata Group chairperson, the late Cyrus Mistry.
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.
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 the functions of all 14 Tata Trusts. Tata Trusts own 65.3 per cent of Tata Sons and plays 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 three key members of the committee are Venu Srinivasan and Vijay Singh as Vice Chairman of Tata Trusts and Mehli Mistry as trustee.
On Thursday, thousands of people, including top political leaders, captains of industry, celebs and commoners, bid a tearful farewell to the legendary business giant Ratan Tata.
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