A day after the death of India’s most globally-recognised tycoon Ratan Tata, his half-brother Noel Tata has been named as the new chairperson of Tata Trusts, media reports say.
Tata Trusts is the company’s philanthropic arm which holds a majority stake of 66 % in Tata Sons- one of India’s largest business groups, with annual revenues in excess of$ 100bn ( £76.5bn ).
Noel Tata, 76, is the son of Naval Tata, who was also Ratan’s parents, and Simone Tata.
He is on the planks of some Tata companies, including Tata Trusts, and will now move up to lead its organizations.
He serves as vice-chairman of Tata Steel and Titan Company Limited and the president of Tata International Limited, Voltas, and Tata Investment Corporation.
He likewise heads Tata’s large clothing retail business, Trent Limited, which has seen huge growth since he took its authority in 2014.
The business has established a number of highly effective fashion and lifestyle wholesale outlets, including Utsa, Zudio, and Westside.
Noel Tata served as the group’s global trading and distribution company, Tata International, from 2010 to 2021, and during this period, the company’s revenue increased from$ 500 million to over$ 3 billion.
CNBC reported on Friday that Noel Tata had been chosen overwhelmingly by Tata Trusts as its president.
Noel Tata’s three children serve on the board of some of the family’s charitable organizations.
His brother Neville is nose of Star Bazaar, the team’s chain of retail stores. Leah Tata, his daughter, is in charge of The Indian Hotels Company, which operates the Gateway product. His another daughter, Maya Tata, works at Tata Digital.
Ratan Tata had not been married, had no children, and had not formally chosen a successor. His death had piqued common interest in a person who would succeed him in taking over the Tata Trusts.
In 2012, he stepped down as the chairman of Tata Sons, handing over the reigns to Cyrus Mistry. Mistry was unavoidably fired in 2016, and Tata resurrected as time chair for a few years in 2016. In 2017, N Chandrasekaran was named chair, a post he also holds.
Ratan Tata next served as the group’s president professor, a position he held until his passing. He served as the charitable arm’s chair until the end.