The strained relationship between the Tata Group and Shapoorji Pallonji (SP) Group is expected to normalise with the appointment of Noel Tata as the Chairman of Tata Trusts, according to sources in the know.
The sources said a new chapter of reconciliation between both groups would begin shortly.
Mr. Tata is the son-in-law of the late Pallonji Mistry and brother-in-law of SP Group chairman Shapoorji Mistry and the late Cyrus Mistry. It may be recalled that Mr. Mistry was ousted as Tata Sons Chairman in 2016 in a boardroom coup led by the late Mr. Tata and some of his close confidants from Tata Trusts and Tata Sons board.
Since then, ties between the Tata and Mistry families collapsed even as they were related in marriage and business. The SP Group holds more than 18% stake in Tata Sons. About 66% stake is held by Tata Trusts.
Tata Trust executive committee member Mehli Mistry, a close confidant of the late Mr. Tata and estranged cousin of the late Cyrus Mistry was reportedly a frontrunner for the chairman’s post at Tata Trusts after the demise of Mr. Tata.
However, according to people in the know, Mr. Noel Tata’s reputation as a successful and non-controversial businessman had worked in his favour.
Published - October 14, 2024 09:23 pm IST
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