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Journalism of Courage
Noel Tata Tata Trusts: When Ratan Tata decided to retire as Chairman of Tata Sons in 2012, most eyes turned towards one name — the low-profile, reticent Noel Tata. But the mantle ultimately went to Cyrus Mistry, not Noel. In 2016, when Mistry was dramatically ousted from the chairmanship, speculation again swirled around Noel Tata. But once again, he was overlooked, this time in favour of TCS MD and CEO N Chandrasekaran, who went on to steer Tata Sons with quiet efficiency.
It has taken more than a decade, and two missed opportunities, for Noel Tata, 68, to finally step into a position of real influence as Chairman of Tata Trusts, the principal shareholder of Tata Sons, following Ratan Tata’s demise in 2024. In a sense, Noel, who holds Irish citizenship, has become the third-time-lucky Tata. Yet, the role comes with its own share of undercurrents and struggles.
Unlike his elder half-brother Ratan Tata, Noel’s rise has been low-key. Known for his quiet demeanour, discretion and aversion to public attention, he has built his reputation not through flamboyance but through steady performance — first at Trent, the retail arm of the $180-billion Tata Group, and later in his boardroom presence as Director in some group companies like Voltas and Tata Investment Corporation.
While not as visible or outspoken as Ratan, Noel’s strength lies in his approach, Tata insiders say. His steady management of Trent, where he built Westside and Zudio into household names, reflects his belief in slow and sustainable growth.
However, stepping into Ratan Tata’s shoes as head of the Tata Trusts, which collectively own two-thirds of Tata Sons, has proved no easy task.
Ratan himself had faced stiff resistance in his early years as group chairman, when the Tata empire was run by powerful satraps who defied central authority. Noel has had to confront resistance of a different kind — from within the Trusts’ own boardroom.
One of Ratan Tata’s earliest and most defining acts after taking charge in 1991 was to reclaim the authority of Bombay House, the group’s headquarters in the Fort area of Mumbai. For decades, the Tata conglomerate had functioned more like a loose federation than a unified corporate family, with big names like Russi Mody and Ajit Kerkar calling the shots.
Three formidable CEOs — Russi Mody at Tata Steel, Ajit Kerkar at Indian Hotels (Taj Group) and Darbari Seth at Tata Chemicals — had carved out their own independent empires. Each was a legend in his own right. Mody was charismatic and immensely popular with workers. Kerkar had transformed the Taj into a symbol of Indian hospitality and Seth was a visionary and strategist who built Tata Chemicals into a global force. Only RK Krishnakumar, then MD of Tata Tea, stood by the side of Ratan in those days. The other three had grown so powerful that they operated virtually independent of Bombay House, often defying group oversight.
Ratan Tata also faced challenges on the issues of technology and financial capacity when he wanted Tata Motors to enter the passenger car segment. Ratan Tata, who had succeeded JRD Tata, was initially seen as too mild to take on giants in the group. Yet, through patience, subtle manoeuvring and strategic moves, he gradually brought them under central control and all the satraps were ousted from their positions.
By the late 1990s, Ratan had succeeded in centralising authority, laying the foundation for Tata’s global expansion and takeovers of JLR and Corus and also hiking promoter stake in group companies. From cars to IT to steel, he reshaped the group into a cohesive, modern corporation, but not without bruising a few egos along the way. The group’s retirement policy also aided Ratan in that process. Ratan’s battle with the satraps became a defining moment in the Tata history, a reminder that consolidation of power, even in a fragmented conglomerate, comes at a cost and after a struggle.
Noel Tata tackles resistance from within the Board
After remaining out of the limelight for several years, Noel Tata was caught in a conflict that’s not fought in the open, but in the quiet corridors of the Tata Trusts in the Bombay House.
Soon after he took charge as Chairman, Noel faced stiff opposition from Mehli Mistry, a long-time confidant of Ratan Tata and an influential figure within the Trusts. Mehli, a cousin of the late Cyrus and Shapoor Mistry of the Shapoorji Pallonji Group, was widely seen as a possible successor to Ratan before Noel’s appointment. When Noel got the job, the balance of power inside the Trusts shifted.
According to insiders, Mehli Mistry had the support of trustees, lawyer Darius Khambata, former Citi India CEO Pramit Jhaveri and Jehangir Hospital Chairman Jehangir HC Jehangir who are all influential names within the Trusts’ ecosystem. Noel, on the other hand, found backing from former Defence Secretary Vijay Singh and industrialist Venu Srinivasan, both of whom were appointed to the Tata Trusts and Tata Sons boards during Ratan Tata’s tenure. Jimmy Tata, the reclusive younger brother of Ratan Tata, neither voted nor expressed any opinion on the issue.
The relationship between the two camps deteriorated steadily. Disagreements emerged over access to sensitive Tata Sons board information, the process of making board appointments, and the long-debated issue of listing Tata Sons, a subject Ratan Tata had always treated with extreme caution.
The breaking point came when the Mehli Mistry-led bloc opposed the reappointment of Vijay Singh as nominee director on the Tata Sons board, a move strongly supported by Noel. Mistry, meanwhile, sought to position himself on the same board, which Noel opposed.
When Mistry’s three-year term as trustee came up for renewal on October 28, his reappointment was rejected. On November 5, Mehli Mistry called it a day, issuing a dignified statement that said “precipitating matters would cause irreparable harm to the reputation of the Tata Trusts.” His departure effectively ended months of internal tension and marked the first major test of Noel Tata’s leadership.
With Mehli Mistry’s exit, Noel Tata has emerged as the undisputed head of the Trusts, a position that wields enormous influence over the entire Tata Group. The Tata Trusts hold a 66 per cent stake in Tata Sons, the holding company that oversees the group’s 29 listed entities, including Tata Motors, Tata Steel, TCS and Titan. He will also be able to bring his own nominees on the boards of Tata Trusts and Tata Sons. His son Neville and daughters Maya and Leah have already become trustees in some of the smaller trusts under Tata Trusts.
The Trusts’ role extends far beyond corporate governance. They are among India’s oldest philanthropic institutions, funding education, healthcare, rural development and social innovation projects across the country. Ensuring that their credibility and independence remain intact is crucial to the Tata legacy, and that responsibility now rests with Noel Tata.
With the internal turbulence settling and the Tata empire with a market capitalisation of $328 billion entering a new phase of stability, Noel Tata’s leadership style may be exactly what the Trusts need. For the man who waited decades in the wings, this is finally his moment.
NOEL TATA’S ROLE IN THE GROUP
Director, Tata Sons
Chairman, Tata Trusts
Chairman, Trent Limited
Chairman, Voltas Limited
Chairman, Tata Investment Corporation Limited
Vice Chairman, Tata Steel
Vice Chairman, Titan Company Limited
