Tag Archives: tata group

Meet new ‘Phantom of Bombay House’: NRI but holds 18.4% Stake in Tata Sons

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Shapoor Mistry, chairman of the Shapoorji Pallonji Group, leads one of India’s most powerful business dynasties, managing a significant stake in Tata Sons while steering his family’s company through a critical period of transformation. The Mistry family holds an 18.4% stake in Tata Sons, valued at approximately ₹1.52 lakh crore ($130 billion), making them key players in one of India’s largest conglomerates. Yet, despite their deep connections to India, Shapoor Mistry himself is not Indian by nationality—he holds Irish citizenship.

Founded 159 years ago, the Shapoorji Pallonji Group has been a major force in engineering, construction, and infrastructure development. Shapoor Mistry, born in 1964, is the eldest son of Pallonji Mistry, the family patriarch who passed away in 2022, and Patsy Perin Dubash. He has two sisters and a brother, Cyrus Mistry, whose untimely death in a car accident in September 2022 shocked the business world. Shapoor now stands at the helm of a company that generates around $30 billion in annual revenue, managing a sprawling portfolio of businesses.

However, the Mistry family’s wealth is deeply intertwined with their stake in Tata Sons. Pallonji Mistry, Shapoor’s father, earned the nickname “Phantom of Bombay House” due to his quiet yet influential presence at Tata Group’s headquarters. Their relationship with Tata Group peaked in 2012 when Shapoor’s younger brother, Cyrus, was appointed chairman of Tata Sons. However, a highly publicized and contentious boardroom battle led to Cyrus’s ousting in 2016, resulting in one of India’s most dramatic corporate conflicts. This feud between the Mistry family and Tata Trusts led to a prolonged legal battle, putting the spotlight on their close ties with Tata Sons.

The Quiet Billionaire

For Shapoor Mistry, the year 2022 was particularly challenging. In June, his father passed away, marking the end of an era. Just three months later, his brother Cyrus died in a car crash, a personal and professional blow to the family. Together, Shapoor and Cyrus had been working on restructuring the Shapoorji Pallonji Group, which had been facing financial pressure due to high levels of debt. Their plan included selling off non-core assets to stabilize the company’s finances, a strategy that Shapoor continues to implement in the wake of these tragic losses.

In an effort to ensure the group’s long-term resilience, Shapoor has led a reorganization of the company, dividing it into two main entities—S.P. Finance and S.C. Finance—focused on real estate and infrastructure, respectively. This move is aimed at improving cash flow management, particularly in industries where large-scale projects often take years to generate returns. Shapoor’s leadership is now more critical than ever as he navigates both emotional and operational complexities.

But Shapoor Mistry is keen on ensuring that the next generation of the Mistry family continues the legacy. shapoor has already involved his son and his late brother’s sons, Firoz and Zahan Mistry, in key roles within the company. This generational handover is intended to preserve the family’s influence in both Shapoorji Pallonji Group and Tata Sons, as well as to secure the company’s future amidst ongoing challenges in the business landscape.

 

Noel Tata Named New Chairman of Tata Trusts Following Ratan Tata’s Demise

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Noel Naval Tata, the newly-appointed Chairman of Tata Trusts, on Friday said he looks forward to carrying on the legacy of Ratan Naval Tata and the founders of the Tata Group.

Earlier, the Tata Trusts board met at a joint meeting held in Mumbai and took the unanimous decision to appoint Noel Tata, the half-brother of Ratan Tata, as the new Chairperson after the latter’s demise.

“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,” said Noel Tata. “Founded more than a century ago, the Tata Trusts are a unique vehicle for undertaking social good. On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation-building,” he added.

The Trustees condoled the demise of Ratan Tata, and recalled his yeoman services not only to the Tata Group but also to nation-building. In separate meetings held immediately, thereafter, it was unanimously decided to appoint Noel Tata as the Chairman of the various Trusts that constitute the Tata Trusts and also designate him as Chairman, Tata Trusts.

Noel Tata’s appointment comes into effect immediately. Noel Tata is known for his relatively low-profile leadership, a stark contrast to Ratan Tata’s more public-facing role. He has been instrumental in driving the conglomerate’s growth since he joined the Tata Group in the early 2000s.

Earlier this year, Noel Tata’s three children — Leah, Maya and Neville — were appointed as trustees in multiple trusts associated with the Sir Ratan Tata Trust and Sir Dorabji Tata Trust. Leah is currently Vice President at The Indian Hotels while Maya is associated with Tata Capital. Neville is involved in Trent and the leadership team at Star Bazaar.

Since 1892, Tata Trusts, the oldest philanthropic institution in the country, has been at the forefront of creating lasting impact among communities. Rooted in the visionary philanthropy of our Founder, Jamsetji Tata, the Trusts remain resolute in catalysing transformative change and leading advancements that uplift communities across the nation.

Tata Trusts, which oversees the operations of 14 charitable trusts, holds a 65.3% stake in Tata Sons and plays a vital role in guiding the direction of the conglomerate. The largest shareholders in Tata Sons are the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, together controlling more than 50% of Tata Sons’ ownership. The executive committee, previously chaired by Ratan Tata, includes key members like Venu Srinivasan, Vijay Singh (both Vice Chairmen of Tata Trusts), and trustee Mehli Mistry.

In the 2022-2023 fiscal year, Tata Trusts made significant contributions to various charitable initiatives, disbursing Rs 581.52 crore in grants. The Sir Ratan Tata Trust contributed Rs 456.42 crore, while the Sir Dorabji Tata Trust disbursed Rs 125.10 crore.

 

Tata Group’s investment announcement in West Bengal was ‘slip of tongue’ by Mamata Banerjee: Chief Secretary Dwivedi clarifies

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West Bengal Chief Minister Mamata Banerjee’s announcement about a proposed fresh investment by Tata Group at Raninagar in Jalpaiguri district was just a “slip of the tongue” on her part, state Chief Secretary H.K.Dwivedi has said.

On Monday afternoon, while addressing an event to hand over appointment letters to various beneficiaries under “Utkarsh Bangla,” a skill development scheme of the state government, the chief minister said that she is happy that the Tata Group will be investing Rs 600 crore at Japiguri’s Raninagar.

However, she did not divulge any further details on this count like the sector where the investment will take place or the time by when the investment will be made. On the other hand, there was neither any confirmation nor denial from Tata Group on this count.

Soon after, speculations started doing rounds prompting Chief Secretary Dwivedi to step in to set the records straight. “The chief minister did not intend to mean Tata Group. Actually, the investment at Jalpaiguri is by Hindustan Coca-Cola Beverages,” the chief secretary explained.

West Bengal Chief Minister Mamata Banerjee

At the same time, the West Bengal state secretariat of Nabanna issued a statement detailing the investment by Hindustan Coca-Cola Beverages at Raninagar in Jalpaiguri, the virtual inauguration of which was done by the chief minister herself on Monday from Kolkata.

The greenfield vertical unit built over Rs 6.9 acres of land and is meant for manufacturing juice and sparkling soft- drink items, has attracted a total investment of Rs 660 crore.

The unit will employ 100 individuals directly, while another 150 individuals will get indirect employment.

To recall, the Tata Group chairman, Ratan Tata announced the pull-out of Tata Motors’ small car, Nano factory from Singur in Hooghly district in West Bengal in October 2008 citing disruptive movement of Trinamool Congress, as the-then principal opposition party against the land acquisition for the project. Gujarat’s Sanand became the new destination of the Nano factory.

Since then, fresh investments by Tata Group in the state have just remained an illusion, even after 2011, when the 34-year-old Left Front regime collapsed in the state making way for the entry of Trinamool Congress regime with Mamata Banerjee at the helm.

Former foreign Secretary Jaishankar joins Tata Group as PM relaxes ‘Cooling Off Period’

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Former Indian foreign secretary S. Jaishankar, the former ambassador known for his coveted roles in Japan, singapore and China, besides the US, has been allowed to take over a new post as President of Global Corporate Affairs of Tata group and he will report to N Chandrasekaran, executive chairman of Tata Sons.

Since senior bureaucrats are bound by one-year cooling off period before accepting any private sector positions, Jaishankar had written to Prime Minister Narendra Modi for a waiver of the "cooling-off period" and reportedly got a positive reply.

In his new role, Dr. Jaishankar will oversee the Tata group’s global corporate affairs and international strategy, which includes all Tata Sons’ international offices, said a statement. "I am delighted to welcome Dr Jaishankar to the Tata Group. His extensive experience and knowledge on international affairs will be very valuable to the group as we work to reinforce our brand and leadership globally," said Chandrasekaran, Tata Sons executive chairman.

"The Tata Group is an iconic institution known for its value-based leadership as well as India’s most respected brand globally. I look forward to being part of the Tata group and working with key stakeholders to make an impact," said Jaishankar.

Jaishankar, who served as the Indian foreign secretary from January 2015 to January 2018, was an Indian Foreign Service officer of 1977 batch who played a key role in India’s relations with Japan, China, Singapore and the United states, especially in negotiating the Indo-US civilian nuclear agreement.

He had served both Manmohan singh and Narendra Modi, who had trusted his skills as an ambassador with utmost negotiating skills. He was also credited with a peaceful end to the stand-off between Indian and Chinese troops at Doklam last year. He retired on Jan. 28, 2018 from the government service.

A graduate of St Stephen’s College at the University of Delhi, he has an MA in Political Science, MPhil and Ph.D. in International Relations from Jawaharlal Nehru University.


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