A day after the death of India’s most globally-recognised tycoon Ratan Tata, his half-brother Noel Tata has been named as the brand new chairperson of Tata Trusts, the group has introduced.
Tata Trusts is the corporate’s philanthropic arm which holds a majority stake of 66% in Tata Sons – certainly one of India’s largest enterprise teams, with annual revenues in extra of $100bn (£76.5bn).
Noel Tata, 67, is the son of Naval Tata, who was additionally Ratan’s father, and Simone Tata.
He’s on the boards of many Tata corporations, together with Tata Trusts, and can now step as much as lead its charities.
He’s the chairman of Tata Worldwide Restricted, Voltas and Tata Funding Company and the vice-chairman at Tata Metal and Titan Firm Restricted.
He additionally heads Tata’s large attire retail firm, Trent Restricted, which has seen large progress since he took its management in 2014.
The corporate operates vastly profitable vogue and way of life retail codecs reminiscent of Westside, Zudio and Utsa.
From 2010 to 2021, Noel Tata ran the group’s international buying and selling and distribution agency – Tata Worldwide – whose income rose from $500m to over $3bn throughout this time.
On Friday, Tata Trusts in a launch stated it had unanimously elected Noel Tata as its chairman.
Noel Tata stated he was “deeply honoured and humbled” by the chance and that he regarded ahead to carrying ahead the legacy of his brother.
“On this solemn event, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and persevering with to play our half in nation constructing,” he stated, in accordance with the discharge.
Noel Tata’s three kids are additionally trustees on the boards of some charities linked to the household.
His son Neville is head of Star Bazaar, the group’s chain of retail supermarkets. His daughter Leah Tata is accountable for the Gateway model below its The Indian Motels Firm. His different daughter, Maya Tata, works at Tata Digital.
Ratan Tata was single, had no kids and had not publicly named a successor and his demise had sparked widespread curiosity in who would take over the Tata Trusts as his successor.
In 2012, he stepped down because the chairman of Tata Sons, handing over the reins to Cyrus Mistry. In 2016, Mistry was unexpectedly eliminated and Tata returned as interim chairman for a few years. In 2017, N Chandrasekaran was named chairman, a publish he nonetheless holds.
Ratan Tata then turned chairman emeritus of the group, a title he held till his demise. He additionally remained chairman of the philanthropic arm till the top.
