The choices facing Noel Tata and the Tata Trusts after Chandra

When N Chandrasekaran took charge of Tata Sons in 2017, his car soon became a familiar sight outside Ratan Tata’s residence in Mumbai’s Colaba. The early-morning visits, sometimes several times a week, according to a neighbour, reflected how the modern Tata Group worked. A professional manager was running one of India’s largest conglomerates while staying closely aligned with the patriarch who embodied the authority of its founding family.

That era of alignment is over. Ratan Tata passed away in October 2024. His half-brother Noel Tata now chairs the Tata Trusts, which collectively own about two-thirds of Tata Sons. Chandrasekaran has decided not to seek another term as Tata Sons chairman when his tenure ends in February 2027. It is tempting to view what has followed as another Bombay House battle over control. But that misses the bigger question.

Chandrasekaran is leaving just as several of Tata’s biggest businesses are in transition. TCS is confronting the AI-led transformation of IT services. Tata Motors is navigating the shift to electric mobility. Air India is attempting a difficult turnaround. Tata Electronics is building its semiconductor fab in Dholera. Battery maker Agratas is putting billions into gigafactories. Tata is expanding deeper into defence and aerospace. And Tata Sons itself faces the unresolved question of whether it can remain private.