Noel Tata
Credit: PTI File Photo
New Delhi: The new chairman of Tata's philanthropic arm, Tata Trusts, is likely to be appointed to the board of the group company that operates the $165 billion salt-to-software conglomerate, a source with direct knowledge of the matter said on Friday.
Noel Tata, the half-brother of Ratan Tata who died last week, has been appointed as the head of the powerful and influential philanthropic arm of the group that owns 66 per cent of Tata Sons, the parent company.
Tata Trusts exerts indirect control over the group as it also appoints a third of the directors to Tata Sons board. Those appointees receive special veto powers.
In a move that could give Noel Tata more power over the group's decision-making, he is now likely to be appointed to the board of Tata Sons in a meeting due to be held in the coming days, said the source, who declined to be named as the matter is confidential.
Tata Trusts and Tata Sons did not respond to a request for comment.
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.
Internal trust and company rules do not allow the Tata Trusts chairman to head Tata Sons as well, but there is no restriction on the person being appointed a member of the board, the source added.