Ahead of the Tata Trust meeting today on October 11, the late Ratan Tata's half-brother Noel Tata (67) has emerged as the front-runner to be the successor.
Bloomberg reported, citing sources in the know, that the Tata Trusts meeting in Mumbai today will discuss the $165 billion empire's succession.
According to a CNBC-TV18 report, which also cited sources, Ratan Tata's half-brother Noel Tata has emerged as the "likely" choice. The report further cited sources saying that the other candidate being speculated about, Mehli Mistry, may likely be appointed as a Permanent Trustee on the Tata board.
Tata Trusts has not responded to queries, despite multiple reports on the matter.
At the time of his death, Ratan Tata was Chair of Tata Trusts, which owns a majority share of 66 per cent in Tata Sons, the holding entity for all Tata Group companies. The $165 billion multi-national conglomerate operates across 10 countries and Ratan Tata's successor "would wield massive influence on the business", the Bloomberg report said.
Notably, Ratan Tata never married and has no children. He also did not name a successor at Tata Trusts. The report noted that it is not clear if there were any provisions made for succession.
Noel Tata has been the chairman of the group's apparel retailer, Trent, since 2014. The company's shares surged over 6,000 per cent in the past decade. It has expanded its store count and workforce even as peers cut jobs and has been one of the most successful Tata companies in recent years. He is already a trustee on the Sir Dorabjee and Sir Ratan Tata Trusts.
Noel Tata became vice chairman of Titan Company in 2018, was inducted onto the Sir Ratan Tata Trust board, one of the main trusts that hold significant influence over Tata Sons and the Tata Group, in 2019, and was appointed vice chairman of Tata Steel in 2022, further solidifying his presence within the group.
He has previously helmed Tata International from 2010-21, during which the commodity trading firm’s revenue jumped from $500 million to over $3 billion. He is also on the boards of several listed Tata firms, including Tata Steel and Voltas.
His children — Maya, Neville and Leah — are also trustees of some of the family-linked charities, according to the Tata Trusts website.
(With inputs from Bloomberg)
