New Delhi: Noel Tata was appointed on Friday as chairman of Indian conglomerate Tata group's philanthropic arm, Tata Trusts. He succeeds his half-brother Ratan Tata, who died this week at the age of 86.
Noel's appointment is significant as Tata Trusts owns 66 per cent of Tata Sons, the holding company of various firms under the more than 150-year-old Tata brand.
Ratan, one of India's most respected corporate leaders, built the Tata empire into a global conglomerate that spanned across industries. Tata Trusts was set up by Noel and Ratan's great-grandfather Jamsetji Tata in 1892, years after he founded the Tata group.
Tata Trusts has since diversified into various sectors such as education, healthcare and housing.
Noel Naval Tata already serves as a trustee on the board of Sir Ratan Tata Trust and Sir Dorabji Tata Trust. He is also the chairman of Tata Trent and vice-chairman of Tata Steel.
Ratan Tata, who never married, was known for his exemplary business acumen and philanthropy. He was chairman of the autos-to-steel conglomerate for over 20 years and was responsible for acquiring foreign companies during his tenure.
Noel is currently the chairman of Trent, Tata International Limited, Voltas & Tata Investment Corporation and the vice-chairman of Tata Steel and Titan. He also serves as a trustee on the board of Sir Ratan Tata Trust and Sir Dorabji Tata Trust.
He served as MD of Trent Ltd for more than 11 years before joining Tata International.
(With inputs from Reuters)