By Shakir Husain
NEW DELHI, Oct 11 (Bernama) -- Tata Trusts, the philanthropic arm of India's Tata Group conglomerate, has named 67-year-old Noel Tata as its chairman after the death of Ratan Tata.
Noel is the half-brother of Ratan, who died on Wednesday aged 86.
The trustees of various trusts that make up Tata Trusts held a joint meeting in Mumbai, where the group is based, on Friday and took the decision to appoint Noel as chairman of different trusts and of the umbrella organisation Tata Trusts.
The position gives him enormous influence over the vast business empire, whose 30 companies had annual revenues of US$165 billion in 2023-24 and employed one million people in India and abroad.
"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," Noel said in a statement.
Tata Trusts has a 66 per cent stake in Tata Sons, the holding company for the Tata Group, which runs businesses in sectors such as steel, power, automobile, defence, telecommunications, hotels, and aviation, and makes a huge range of retail consumer products such as salt, tea, bottled water and jewellery.
The market capitalisation of 26 publicly listed Tata Group companies was US$365 billion as of March 31, 2024.
Ratan, one of India's most admired corporate leaders who held the reins of the Tata Group for 21 years until 2012, never married and is survived by Noel, two half-sisters and a brother.
Noel is the son of Naval Tata from his second marriage.
His wife Aloo Mistry is the daughter of the late billionaire Pallonji Mistry.
-- BERNAMA
