Noel Tata, late Indian tycoon Ratan Tata's half-brother, was appointed last week to succeed him as chairman of Tata Trusts, a collective of philanthropic institutions that wield indirect control over the $165 billion Tata Group. Niira Radia, a former aide of Ratan Tata, said the late businessman would have been very happy with the decision as it was unanimous.
"Ratan would have been very happy with that. He'd be happy that it was unanimous. He always was a man of consensus. It was never a top-down approach with him and that it was unanimous would have made him very happy," Niira Radia, a former corporate public relations professional, told NDTV about the smooth succession plan in her first media interview in over 12 years.
Ratan Tata, who died Wednesday, is responsible for turning the sprawling family-run Tata Group conglomerate into a global giant.
"It was unanimously decided to appoint Mr. Noel Naval Tata as the Chairman of the various Trusts that constitute the Tata Trusts and also designate him as Chairman," a press release said.
"His appointment comes into place effective immediately."
Noel Tata said in a statement that he was "deeply honoured and humbled by the responsibility" and looked forward to carrying on his half-brother's legacy.
Pressed to answer why she thinks Noel is the right choice, Ms Radia said, "Noel, if I go back, if you look at the legacy whether it was Jamshedji, JRD or Ratan, would carry the same legacy. He comes with the same values, he comes from the same strengths and that's why it has happened so smoothly and done so quickly. I would believe that Ratan would have wanted the same."
Ratan Tata was until his death the chairman of Tata Trusts, which through a complex ownership structure has a roughly 66 percent stake in the group's holding company Tata Sons.
Tata Sons is the single largest shareholder in firms like IT giant Tata Consultancy Services, India's second-biggest company by market cap, and Tata Motors -- which owns British luxury carmaker Jaguar Land Rover.
Though associated with the group for decades, Noel Tata is mostly publicly known for being chairman of Trent, the conglomerate's wildly successful apparel retailer.
Tata Trusts was set up in 1892 and plays no role in the day-to-day functioning of listed firms that come under the Tata brand. It supports housing, healthcare and education charities.
Tata Sons is in charge of the group's strategy and is currently headed by chairman N Chandrasekaran, who was appointed in 2017.
Because the Tata Trusts is the largest shareholder in Tata Sons, its chairman effectively oversees the sprawling empire, and will play a key role in deciding Chandrasekaran's eventual successor.
from NDTV News- Topstories https://ift.tt/Qq83KUD
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