Kathmandu: The stepbrother of Indian industrialist Ratan Tata has been appointed as the chairman of the group of institutions, succeeding him on Friday.
Noel Tata has taken the position of Ratan Tata, who passed away on Wednesday. Until his demise, Ratan Tata was the chairman of the Tata Trusts. Through a complex ownership structure of the trusts, the group holds approximately 66 percent of the holding company, Tata Sons.
Tata Sons is the largest single shareholder in firms such as Tata Motors, which owns IT giant Tata Consultancy Services, the second-largest company in India by market capitalization, and British luxury car manufacturer Jaguar Land Rover.
“It was unanimously decided to appoint Mr. Noel Naval Tata as the chairman of various trusts that form Tata Trusts and designate him as the chairman,” a press release stated. “His appointment will be effective immediately.”
In a statement, Noel Tata expressed that he felt deeply honored and humbled by the responsibility and looked forward to continuing his stepbrother’s legacy.
Noel has been associated with the group for decades. However, he is primarily known to the public as the chairman of the group’s highly successful clothing retail business, Trent.
Tata Trusts was established in 1892. It does not play any role in the day-to-day operations of listed firms under the Tata brand but supports philanthropic institutions focused on housing, healthcare, and education.
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