Noel Tata steps into spotlight in fight over future of India's Tata empire

Business Recorder reported that Noel Tata, chairman of Tata Trusts, has become a central figure in a dispute over the leadership and ownership of India's 158-year-old Tata empire. He has said he opposes a public listing of Tata Sons and would veto any such proposal if forced to vote on one. The Trusts have also contested a September 17 move by Tata Sons to keep N. Chandrasekaran as chairman for a third term, which they describe as a legal nullity.

Shapoorji Pallonji Group, which holds an 18.4% stake in Tata Sons, has backed a listing and is weighing a plan to sell part of its holding for a sum of at least $2.6 billion. India's central bank declined Tata Sons' application to drop its upper-layer non-banking financial company registration, a step that could expose it to regulations requiring a public listing. According to the Trusts, four directors backed Chandrasekaran, whereas Noel Tata opposed him.

Noel Tata spent most of his career in retail and trading, away from the group's flagship steel, software or automotive units. He helped grow Trent into a large retailer as its managing director from 1999, through brands including Westside and Zudio, and was later named chairman of Tata Trusts after Ratan Tata's death in October 2024.