Noel Tata appointed Chairman of Tata Trusts, says look forward to carrying Ratan Tata’s legacy

Mumbai: Noel Tata has been chosen to succeed Ratan Naval Tata as Chairman of the Tata Trusts, the philanthropic entities that own the holding company of the Tata Group companies.

The board of Tata Trusts met on Friday morning and approved the appointment of Noel Tata, the half-brother of Ratan Tata, as the chair of Tata Sons, according to an executive privy to the development.

Ratan Tata, who is credited with transforming the Tata Group into a globally renowned conglomerate, died at age 86, on 9 October.

"Today, there was a condolence meeting, after which the board of Tata Trusts approved the name of Noel Tata who succeeds Mr Tata," the executive told Mint. 

Speaking on the occasion, Noel Naval Tata, Chairman, Tata Trusts, stated, “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. 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.

Tata Sons is 65.9% owned by the trusts, 12.87% by half a dozen Tata Group companies, and 18.4% by the Mistry family.

Ahead of the Tata Trusts meeting, Noel Tata had emerged as the front-runner to be the successor.

(This is a developing story)