Third Time's The Charm: Will Noel Tata Finally Take The Chair This Time?

In 2012, Ratan Tata was preparing to retire as chairman of Tata Sons. Noel Tata was among the names that drew attention as a possible successor. But the group eventually chose Cyrus Mistry, then a relatively low-profile figure from the Shapoorji Pallonji Group.

Four years later, the Tata Group was again looking for a chairman after its board removed Mistry. Ratan Tata returned as interim chairman while a selection process began. Noel's name surfaced again. The eventual choice, however, was N Chandrasekaran, then chief executive and managing director of Tata Consultancy Services. Chandrasekaran took charge as Tata Sons chairman in February 2017.

Now, Chandrasekaran has stepped down, and his tenure ends in February next year. And yet again, Noel Tata is being considered for the job.

For Noel, 69, this is therefore a familiar story with a very different backdrop. Twice before, his name came up when Tata Sons was looking for a new chairman. Twice, the job went to someone else.

This time, Noel is not just another name being discussed in a succession exercise. He is chairman of Tata Trusts, the principal shareholder of Tata Sons. The trusts collectively control 66 per cent of Tata Sons. Noel also joined the Tata Sons board as a non-executive director in October 2024.

The man who was once seen as a possible successor to Ratan Tata now sits at the centre of the ownership structure that will have a major say in the group's next leadership transition.

The Rise Of Noel Tata

Noel Tata has never had the public profile of his elder half-brother Ratan Tata. His career has largely been built away from the spotlight. He joined Tata International before moving to Trent, the Tata Group's retail business. He became managing director of Trent in 1999. Over the years, Trent expanded its retail presence through brands such as Westside and Zudio.

Noel also served as managing director of Tata International. During his tenure, the company expanded substantially, with its turnover rising to more than $3 billion from around $500 million, according to reports. He has also held several important board positions within the group.

These include leadership roles at Trent and Tata International, besides boardroom responsibilities at companies such as Voltas, Tata Investment Corporation, Tata Steel and Titan. His rise within the Tata Group has therefore been gradual.

There was no sudden elevation to the top. Instead, Noel built his record through operating businesses and boardroom experience.

Noel's style has also been different from Ratan Tata's. Ratan Tata became one of India's most recognisable corporate leaders. His public appearances, business decisions and philanthropic work made him a household name. On the other hand, Noel has largely maintained a lower profile. That has also been reflected in the way he built his career.

His strongest association remains Trent. Under his leadership, Westside grew into a major organised retail brand. Zudio later became one of the most visible growth stories within Trent. The business followed a steady expansion strategy rather than relying on Noel himself becoming its public face.

His career at Tata International also gave him experience beyond consumer businesses. Taken together, these roles gave Noel experience across different parts of the Tata Group before he moved into the more influential position he occupies today.

Ratan Tata's Death Changed Noel's Position

The death of Ratan Tata in October 2024 marked an important turning point. Ratan Tata had remained one of the most influential figures in the Tata Group even after stepping down as Tata Sons chairman in 2012.

After his death, the Tata Trusts needed a new chairman. That position went to Noel. It was an important development not simply because of the Tata family connection, but because of the structure of Tata Sons.

The charitable trusts hold the majority stake in Tata Sons. Noel was therefore moving into a position that linked him directly to the ownership and governance of the group's holding company. He subsequently joined the Tata Sons board.

For years, Noel had been a senior Tata executive who was discussed whenever succession came up. Now, he was part of the structure that would have a role in deciding the group's future leadership.

What Happens To Tata Sons Now?

The immediate question is who will replace Chandrasekaran. The Tata Sons board will play a key role in the process. Tata Trusts will also be important because of their ownership of the holding company.

The next chairman will take charge of one of India's largest business groups. Tata companies operate across technology, automobiles, steel, aviation, consumer products, retail, financial services and other sectors.

The group says its companies together generated more than $180 billion in revenue in 2024-25 and employed more than one million people. The chairmanship of Tata Sons therefore remains one of the most closely watched corporate leadership positions in India.

The succession question is also unfolding alongside another long-running issue -- the future of Tata Sons as an unlisted company. Tata Sons is privately held. The Shapoorji Pallonji Group, which owns a significant minority stake, has pushed for a public listing. The issue has also been linked to regulatory requirements concerning large unlisted core investment companies.

Noel and other Tata Trusts trustees have opposed a listing, according to reports. This makes the next Tata Sons chairman's role even more important. The incoming chairman will have to navigate questions around the group's capital structure, governance and the relationship between Tata Sons and its listed operating companies.

'Noel Quietly Built His Reputation'

For years, Noel Tata's influence came from the businesses he ran and the boards he sat on. Today, it comes from a much broader position. Abhishek Bhilwaria, Partner at BhilwariaFinserv, told NDTV that Noel's long career away from the limelight could now become central to the Tata Group's succession.

"For decades, Noel Tata quietly built his reputation through operational excellence at Trent and Tata International, avoiding the media spotlight. Today, his understated approach takes center stage; as the guardian of the Tata legacy, his influence will be the decisive factor in carving out the conglomerate's next century of leadership," Bhilwaria added.