A day after the death of India's most globally recognized tycoon Ratan Tata, his half-brother Noel Tata was named the new chairman of Tata Trusts, according to media reports.
Tata Trusts is the philanthropic arm of the company which owns a 66% majority stake in Tata Sons, one of India's largest business groups, with annual revenues in excess of $100 billion (£76.5 billion). sterling).
Noel Tata, 76, is the son of Naval Tata, who was also the father of Ratan, and Simone Tata.
He sits on the boards of many Tata companies, including Tata Trusts, and will now take the helm of its charities.
He is Chairman of Tata International Limited, Voltas and Tata Investment Corporation and Vice Chairman of Tata Steel and Titan Company Limited.
He also runs Tata's massive clothing retail business, Trent Limited, which has seen meteoric growth since he took over as CEO in 2014.
The Company operates highly successful fashion and lifestyle retail formats such as Westside, Zudio and Utsa.
From 2010 to 2021, Noel Tata led the group's global trading and distribution company – Tata International – whose revenues grew from $500 million to over $3 billion during this period.
On Friday, CNBC-TV18 reported that Tata Trusts unanimously elected Noel Tata as chairman.
Noel Tata's three children are also directors on the boards of some family-related charities.
His son Neville is the head of Star Bazaar, the group's supermarket chain. His daughter Leah Tata is in charge of the Gateway brand under her company The Indian Hotels Company. His other daughter, Maya Tata, works at Tata Digital.
Ratan Tata was not married, had no children and had not publicly named a successor and his death had sparked widespread interest as to who would take over the Tata Trusts as his successor.
In 2012, he left his post as chairman of Tata Sons and handed over the reins to Cyrus Mistry. In 2016, Mistry was unexpectedly removed from office and Tata returned as interim president for a few years. In 2017, N Chandrasekaran was appointed president, a position he still holds.
Ratan Tata then became chairman emeritus of the group, a title he retained until his death. He also remained president of the philanthropic branch until the end.
