Noel takes Tata baton from Ratan

13 trusts, collectively known as Tata Trusts, elect 67-yr-old as chairman with immediate effect

- BENN KOCHUVEEDAN

THE 13 trusts, collectively known as Tata Trusts, on Friday elected Noel Naval Tata (67) as chairman with immediate effect, following the death of his half-brother Ratan Tata two days ago. The election was necessitated since Ratan Tata died on Wednesday night without a will on matters regarding the trusts that he led for close to four decades.

Of the trusts, Sir Dorabji Tata Trust and Sir Ratan Tata Trust are the most prominent, and between them hold 55% of Tata Sons. All the 13 trusts together control 66.4% of Tata Sons, the holding company of the $165-billion Tata Group.