The board of directors of Tata Trusts met on October 11 in Mumbai to name a successor to Ratan Tata, who died just two days earlier. Ratan is India’s best-known business tycoon and chairman of Tata Trusts, the country’s oldest and largest private philanthropic organization. The meeting unanimously voted for Noel Naval Tata, Ratan’s half-brother, as the new leader.
Noel’s appointment, given his surname, signals continuity in Tata Trusts, which owns a 66% stake in the Tata Group, India’s most valuable brand, with an estimated value of $28.6 billion. So Noel faces the challenge of leading a $165 billion software conglomerate.
With over 40 years of experience with the Tata Group, he currently serves on the boards of various Tata subsidiaries, including as Chairman of Trent, Tata International, Voltas and Tata Investment Corporation. He is also the Vice Chairman of Tata Steel and Titan Company. Before his new appointment, he was a trustee of two other family charities: Sir Dorabji Tata Trust and Sir Ratan Tata Trust.
As Managing Director of Tata International from 2010 to 2021, he grew the leather products and global trading company’s turnover from $500 million to over $3 billion. During his 11 years as managing director of Trent, he grew the retailer from one store in 1998 to around 875 today, driving share price growth of 6,000% over the past decade.
Noel Tata is married to Aloo Mistry, sister of Cyrus Mistry and daughter of billionaire Pallonji Mistry, whose family owns 18.4% of Tata Sons. His new role as chairman of Tata Trusts is expected to improve relations between the Tata family and the Shapoorji Pallonji Group, another Mumbai-based conglomerate. Noel’s children, Maya, Neville and Leah, have been trustees of the Tata family charities since 2022.