Tata Trusts has put out an official statement announcing the appointment of Noel Tata as chairman of Tata Trusts, after the passing away of Ratan Tata on Wednesday. Noel will take charge as the chairman with immediate effect, the statement said.
After taking charge, Noel Tata thanked the trustees. “I am deeply honoured and humbled by the responsibility that has been cast on me by my fellow trustees. I look forward to carrying on the legacy of Mr. Ratan N. Tata and the Founders of the Tata Group."
The trusts were founded more than a century ago and are a unique vehicle for undertaking social good, he said. "On this solemn occasion, we rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation-building," he added.
The trustees of various trusts that comprise the Tata Trusts met at a joint meeting held in Mumbai on Friday, at which it was unanimously decided to appoint Noel Naval Tata as the chairman, the official release said.
Noel, 67, was a member of the board of Sir Dorabji Tata Trust and Sir Ratan Tata Trust—the two most influential entities under the Tata Trusts umbrella—which hold over 50% of the shareholding in Tata Sons.
Share prices of Noel Tata-linked companies closed higher on Friday, as he was appointed the chairman of Tata Trusts.
Shares of Voltas Ltd., Trent Ltd. and Tata Investment Corporation Ltd.—which are headed by Noel Tata—were trading higher during the day as Tata Trusts called a meeting to discuss the succession plans. Tata Steel Ltd. and Titan Co., in which Noel is the vice-chairman, also logged gains.
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