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.