Tata Trusts, a collective of charities that indirectly controls the Tata Group, has appointed Noel Tata as the new chairman, who will succeed Ratan Tata and oversee a sprawling a $165 billion business empire spread across 100 countries.
The decision was unanimous, the philanthropic trusts said in a statement on Friday. "His appointment comes into place effective immediately," it said.
The decision comes less than two days after the demise of Tata, one of the most influential Indian businessman who created country's first multinational conglomerate through a series of marquee acquisitions. Noel, the half-brother of Ratan Tata, currently heads group's massively successful fast fashion retailer Trent Ltd.
Tata's successor is a crucial appointment for the coffee-to-cars conglomerate because Tata Trusts own 66 per cent in the closely held Tata Sons Pvt., the main holding company that controls the group's largest listed entities including Tata Consultancy Services Ltd., Tata Steel Ltd. and Jaguar Land Rover owner, Tata Motors Ltd.
The true sway of a Tata Trusts chair became apparent for the first time in 2016 when Ratan Tata led the shock ouster of Cyrus Mistry as Tata Sons chairman, triggering one of India's biggest corporate battles.
Tata Trusts are made up of two main charities Sir Ratan Tata Trust and Sir Dorabji Tata Trust under which there are 12 other allied charities, according to its website. Noel's children "- Maya, Neville and Leah "- are also trustees of some of the family-linked charities, the website shows.
Tata Trusts are planning to meet Friday in Mumbai to discuss the succession, Bloomberg reported earlier in the day citing people familiar with the internal discussions.
