CashNews.co
The board of Tata Trusts met in Mumbai on October 11 to name a successor to Ratan Tata, who had died just two days before. Ratan is India’s most renowned business tycoon and chairman of Tata Trusts, the country’s oldest and largest private-sector philanthropic organization. The meeting produced a unanimous vote for Noel Naval Tata, Ratan’s half-brother, as the new leader.
Noel’s appointment, given his surname, signals continuity at Tata Trusts, which holds a 66% stake in the Tata Group, the most valuable brand in India, with a valuation of $28.6 billion. Noel therefore faces the challenge of leading the $165 billion salt-to-software conglomerate.
With over 40 years’ experience at Tata Group, he currently serves on the boards of various Tata subsidiaries, including as chairman of Trent, Tata International, Voltas, and Tata Investment Corporation. He is also vice chairman of Tata Steel and Titan Company. Before his new appointment, he was a trustee of two other family philanthropies, Sir Dorabji Tata Trust and Sir Ratan Tata Trust.
As managing director of Tata International from 2010 to 2021, he grew the leather products and global trading company’s turnover from $500 million to over $3 billion. In 11 years as managing director of Trent, he expanded the retail operator from a single store in 1998 to some 875 today, producing a 6,000% increase in share price over the last decade.
Noel Tata is married to Aloo Mistry, the sister of Cyrus Mistry and daughter of billionaire Pallonji Mistry, whose family holds an 18.4% stake in Tata Sons. His new role as Tata Trusts chair is expected to improve the relations between the Tata family and the Shapoorji Pallonji Group, another Mumbai-based conglomerate. Noel’s children, Maya, Neville, and Leah, have been trustees of Tata family-linked charities since 2022.