Tata Invest. Corpn.

** Shares of several Tata Sons-linked companies rise after India's central bank rejected co's application to de-register as a non-bank lender

** Under RBI regulations, upper-layer NBFCs face compliance requirements such as non-bank lenders with assets above 1 trillion rupees ($10.43 billion), or those with direct or indirect access to public funds, to be listed

** As of March 2025, co's standalone assets totalled 1.75 trillion rupees ($18.25 billion)

** Listing of Tata Sons could improve valuations, unlock value for Tata-linked companies

** Shares of Tata Chemicals TTCH.NS up 19.99%, Tata Motors Passenger Vehicles TAMO.NS up 3.4%, Tata Investments TINV.NS up 9.1% and Tata Consultancy TCS.NS up 5.22%

** YTD, shares of TTCH down 4%, TAMO down 15.2%, TINV up 1.86%, and TCS down 26.77%

($1 = 95.9000 Indian rupees)

(Reporting by Saikeerthi in Bengaluru)

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By Chandini Monnappa

Aug 13 (Reuters) - For decades, Noel Tata built retail and trading businesses out of the spotlight that followed his half-brother Ratan Tata. Now, as chairman of Tata Trusts, he is set to influence two of the biggest decisions facing the Tata group: who leads it next and whether it ever goes public.

Noel's stewardship of the trusts, influence over Tata Sons' succession process and role in the listing debate could shape the future of one of India's best-known and biggest conglomerates.

Tata Sons, the holding company of the group with a combined market value of around $277 billion, must choose a new leader to succeed Chairman N. Chandrasekaran when his tenure ends in February 2027. Tata Trusts hold great sway over the decision with a controlling stake in Tata Sons.

Long overshadowed by his half-brother Ratan Tata, the public face of the conglomerate for decades, Noel, 68, rose through less prominent corners of the business, building credentials in retail and trading rather than the group's flagship companies.

Though rarely visible publicly, Noel spent years serving on boards across the group. Unlike Ratan Tata, one of India's most recognisable corporate leaders, Noel largely shunned publicity despite his growing influence within the group. He emerged as a central figure only after Ratan's death in October 2024.

Trustees unanimously appointed him as chairman of Tata Trusts and he subsequently joined the Tata Sons board as a non-executive director.

He now occupies one of the most powerful positions in Indian corporate governance.

"The job is to find the most effective allocation of the resources we have, make choices on how to deploy those resources meaningfully, and do what is best for India," he said at an event this month.

"We must serve the purpose for which the founders of the Trusts left their shares – to improve life in India."

SUCCESSION AND LISTING DEBATE

Two issues will shape the future of the 158-year-old conglomerate: the selection of Tata Sons' next chair and whether the privately held company should eventually pursue a public listing.

Tata Sons has faced pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, while regulatory requirements could also eventually revive the issue unless the company secures an exemption.

Noel has not made public comments, but media reports said he and other trustees unanimously opposed ​listing last year. He sought clarification from Tata Sons on four to five issues, including the group's business performance, its five-year plan, capital expenditure and the rationale for remaining unlisted, according to a source with direct knowledge of the matter.

With regard to the next chairman, his influence is likely to be decisive. While the Tata Sons board will oversee the selection process, the trusts' control of the holding company means Noel will have a significant say in choosing a leader capable of balancing commercial ambitions with the group's distinctive governance structure. The trusts appoint a third of Tata Sons directors, who hold veto powers over key decisions.

RETAIL AND TRADING BACKGROUND

Noel spent most of his career away from the public eye after graduating from Britain's Sussex University. He built his reputation within the group through retail and trading businesses rather than its flagship steel, IT and auto companies.

He joined Tata International, the group's trading arm, before moving to Trent TREN.NS, then a relatively small retail business. As managing director from 1999, he helped transform Trent into one of India's biggest retail success stories through brands such as Westside and, later, value-fashion chain Zudio.

The success established him as a respected operator within the Tata group and paved the way for broader leadership responsibilities.

"Noel is well versed with how Tata businesses are run. In retail, many people thought how will Tata compete with the big retailers. Noel has shown it," Sanjay Singh, a former Tata Sons executive who retired in 2019, told Reuters in 2024.

Unlike Ratan Tata, he built influence quietly and remained very private, with his office serving as the main conduit for his views and public statements, the source with knowledge of the group said.

In August 2010, Noel became Tata International's managing director. During his tenure, the company's turnover grew to more than $3 billion from roughly $500 million as it expanded across geographies and businesses.

He stepped down as managing director in November 2021 after reaching the group's retirement age for senior executives but remained its non-executive chairman.

He accumulated other boardroom responsibilities across the conglomerate, including chairmanships at Voltas VOLT.NS and Tata Investment Corporation TINV.NS, and vice-chairmanships at Tata Steel TISC.NS and Titan TITN.NS.

"He has kept a low profile so the outer world doesn't know him well, but he is quintessential Tata," Singh said.

(Reporting by Chandini Monnappa in Bengaluru, Jayshree P Upadhyay in Mumbai, additional reporting by Saikeerthi; Editing by Dhanya Skariachan and Elaine Hardcastle)

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April 21 (Reuters) - Tata Investment Corporation Ltd TINV.NS:

• RECOMMENDS FINAL DIVIDEND OF 3.40 RUPEES PER ORDINARY SHARE

• MARCH-QUARTER CONSOL NET PROFIT 638.3 MILLION RUPEES

Source text: ID:nBSE6YX1fL

Further company coverage: TINV.NS

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March 19 (Reuters) - Tata Investment Corporation Ltd TINV.NS:

• APPOINTS BAHRAM N. VAKIL AS VICE-CHAIRMAN

Source text: ID:nBSE7c2xZs

Further company coverage: TINV.NS

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Aug 4 (Reuters) - Tata Investment Corporation Ltd TINV.NS:

• JUNE-QUARTER CONSOL NET PROFIT 1.46 BILLION RUPEES

• JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 1.45 BILLION RUPEES

• APPROVES 1:10 SHARE SPLIT

Source text: ID:nBSEjbFR6

Further company coverage: TINV.NS

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April 21 (Reuters) - Tata Investment Corporation Ltd TINV.NS:

• TATA INVESTMENT CORPORATION - RECOMMENDED A DIVIDEND OF 27 RUPEES PER ORDINARY SHARE

Source text: ID:nBSE8Q9zhb

Further company coverage: TINV.NS

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Oct 31 (Reuters) - Tata Investment Corporation Ltd TINV.NS:

• SEPT-QUARTER CONSOL NET PROFIT 1.24 BILLION RUPEES

• SEPT-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 1.42 BILLION RUPEES

Source text: ID:nNSE29J4t5

Further company coverage: TINV.NS

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Adds former Tata executive comment paragraph 7-8

By Aditya Kalra and Aditi Shah

NEW DELHI, Oct 11 (Reuters) - The half-brother of Ratan Tata was appointed on Friday as the head of the powerful and influential philanthropic arm of India's Tata group, giving him indirect control of the $165 billion conglomerate.

Tata Trusts said Noel Tata, 67, will be its new chairman after the death this week of Ratan Tata, one of India's best-known corporate titans. The decision followed "many old-timers" in the group wanting him to lead the venture, said one Tata executive.

The parent company, Tata Sons, oversees 30 firms across consumer goods, hotels, automobiles and airlines and has become a global juggernaut over the years, with brands such as Jaguar Land Rover and Tetley Tea in its stable.

It owns Tata Consultancy Services, Taj Hotels and Air India and counts Starbucks SBUX.O and Airbus as partners in India.

Tata Trusts has a 66% ownership of Tata Sons, giving it power over big investment, philanthropic and strategic decisions by the conglomerate, company executives say.

Noel Tata, who is half-French, was already among the many trustees of the philanthropic arm, and also vice chairman of Tata Steel TISC.NS and chairman of Tata's popular retail fashion brand Trent.

"Noel is well versed with how Tata businesses are run. In retail, many people thought how will Tata compete with the big retailers. Noel has shown it," said Sanjay Singh, a former Tata Sons executive who retired in 2019.

"He has kept a low profile so the outer world doesn’t know him well, but he is quintessential Tata."

The trust earns dividends from Tata Sons but has no direct say over its operations. However, it appoints a third of the directors to Tata Sons who have veto power over board decisions.

The chairman of Tata Trusts "is powerful enough to decide board and key personnel" appointments at Tata Sons, a second senior company executive said.

While Tata Sons is not compelled to seek advice or guidance from the philanthropic arm, it's an "unsaid understanding" that there is consultation between leadership on both sides, the first executive added.

NOEL'S JOURNEY

The Tata group was set up in 1868 by Ratan's great grandfather, Jamsetji Tata.

A few years later, Jamsetji started charity work that has since expanded to sectors such as healthcare and sports, through many of the trusts in the philanthropic arm.

Ratan Tata started working at the family firm in 1962 and became the chairman of Tata Sons in 1991, taking the group to new heights while gaining a reputation as an extremely shy, soft-spoken executive with sharp business acumen.

Noel Tata is a graduate of Sussex University who has been associated with the group for more than 40 years. He serves on the board of various Tata companies.

As a previous managing director of Tata International, Noel grew the turnover of the trading arm to more than $3 billion from $500 million, a Tata Group website said.

The Tatas belong to the tiny Parsi community, which has included some of India's biggest business names, top nuclear scientists, world-class musicians and senior military officers.

Parsis follow the Zoroastrian faith, an ancient pre-Islamic religion of Iran. Some of its tenets, such as charity and doing good to others, have long been woven into the Tata heritage and business ethos.

Much of the dividend paid out by Tata Sons gets funneled into charitable trusts involved in philanthropic work.

Although the trusts' influence over the group is not often on display, the starkest such example was in 2016, when Ratan Tata had a falling out with Tata Sons chairman Cyrus Mistry that led to the latter's ouster.

Mistry, another Parsi billionaire whose family owns a stake of about 18% in Tata Sons, died in a car accident in 2022.

One of his former advisers told Reuters this week that the Tata Trusts "without a doubt" exert unparalleled power over Tata Sons' functions, adding that they "work behind a veil."

Noel is an Irish citizen married to Mistry's sister.

(Reporting by Aditya Kalra and Aditi Shah
Additional reporting by Krishn Kaushik and Tanvi Mehta
Editing by Raju Gopalakrishnan and Frances Kerry)

(([email protected]; @adityakalra;))

Repeats no change to text

By Tanvi Mehta

NEW DELHI, Oct 10 (Reuters) - Hundreds of people, including corporate leaders, politicians and celebrities, gathered in Mumbai on Thursday to pay their last respects to one of India's most respected business tycoons, Ratan Tata, who died aged 86.

Known for his exemplary business acumen and philanthropic nature, as chairman he led various companies under the Tata conglomerate for more than 20 years, which had revenue of $165 billion in 2023-24.

Although in recent years Tata was not as active in the day-to-day running of the group, he was consulted on big decisions by the Tata Sons leadership, a senior company executive told Reuters.

Tata had been in a Mumbai hospital since Monday, but the cause of his death was not immediately made public.

After his death, tributes poured in from around the world, underlining his popularity that transcended boundaries and generations.

"India and the world have lost a giant with a giant heart," U.S. ambassador to India Eric Garcetti said on X.

"He ... was instrumental in mentoring and developing the modern business leadership in India. He deeply cared about making India better," Google GOOGL.O Chief Executive Sundar Pichai said.

Draped in the Indian national flag, Ratan Tata's body was kept at a cultural centre in Mumbai, and his funeral will be conducted later in the day with full state honours.

India's central bank governor Shaktikanta Das, Tata Sons Chairman N. Chandrasekaran and Aditya Birla Group Chairman Kumar Mangalam Birla were among early visitors to pay their last respects to the Padma Vibhushan awardee - India's second-highest civilian honour.

A licensed pilot who would occasionally fly the company plane, Tata never married and was known for his quiet demeanour, relatively modest lifestyle and philanthropic work.

"We will remember his legacy of transformative giving to Cornell," his alma mater Cornell University said on X, calling Tata their most generous international donor.

(Reporting by Tanvi Mehta; Editing by Michael Perry)

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Oct 9 (Reuters) -

• CHAIRMAN EMERITUS OF INDIA'S TATA GROUP RATAN TATA IN CRITICAL CONDITION IN INTENSIVE CARE IN MUMBAI HOSPITAL- SOURCES

Source text for Eikon: [ID:]

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Tata Investment Corporation Ltd TINV.NS:

• TATA INVESTMENT CORPORATION JUNE-QUARTER CONSOL NET PROFIT 1.31 BILLION RUPEES

• TATA INVESTMENT CORPORATION JUNE-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 1.42 BILLION RUPEES

Source text for Eikon: ID:nBSE44VrW0

Further company coverage: TINV.NS

Tata Investment Corporation Ltd TINV.NS:

• TATA INVESTMENT CORPORATION LTD - DIVIDEND 28 RUPEESPER SHARE

Source text for Eikon: ID:nNSE4jrZtX

Further company coverage: TINV.NS

March 4 (Reuters) - Tata Investment Corporation Ltd TINV.NS:

• CO NOT ENTERED INTO ANY DISCUSSION FOR INVESTMENT IN ANY SEMI-CONDUCTOR MANUFACTURING

Source text for Eikon: ID:nBSE6sY01d

Further company coverage: TINV.NS

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