MUMBAI, OCTO 12 : 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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cThe trustees of various trusts that comprise the Tata Trusts met at a joint meeting held here this morning\u2026 after condoling the demise of Ratan Naval Tata, the chairman of the Tata Trusts, and recalled his yeoman services not only to the Tata Group but also to nation-building,\u201d the trusts said in a statement on Friday.<\/p>\n\n\n\n
In separate meetings thereafter, it was unanimously decided to appoint Noel Naval Tata as the chairman of the various trusts that constitute the Tata Trusts and also designate him as chairman, Tata Trusts, the trusts said.<\/p>\n\n\n\n
Reacting to his appointment, Noel Tata said, \u201cI am deeply honoured by the responsibility. I look forward to carrying on the legacy of the late Ratan Tata and the founders of the Tata Group.\u201d<\/p>\n\n\n\n
\u201cWe rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation-building,\u201d he said.<\/p>\n\n\n\n
Founded in 1892 by Jamsetji Tata, the Tata Trusts is the oldest and the largest philanthropic institution in the country. Some of the most notable institutions the trusts operate include the Tata Institute of Fundamental Research, Indian Institute of Science in Bengaluru, the Tata Institute of Social Sciences with multiple campuses, the more than 1500-bedded Tata Memorial Hospital dedicated for cancer treatment and research in Mumbai, and the iconic NCPA or the National Centre for Performing Arts, to name a few.<\/p>\n\n\n\n
A Tata group veteran described Noel\u2019s appointment as \u201ckeeping in mind Ratan Tata\u2019s approach of \u2018moving on\u2019.\u201d \u201cNoel is the right choice,\u201d he added.<\/p>\n\n\n\n
Terming Noel as a \u201cvery nice and sensible man\u201d, R Gopalakrishnan, former board member of Tata Sons, told a TV channel that \u201che would do very well for the trusts.\u201d<\/p>\n\n\n\n
Low-profile, Irish national linked to Tata Group for over 40 years<\/p>\n\n\n\n
Holds degree from Sussex University in the UK and INSEAD in France<\/p>\n\n\n\n
The son of Naval H Tata and Swiss businesswoman Simone H Tata<\/p>\n\n\n\n
Married to Aloo Mistry, daughter of late Pallonji Mistry and sister of late Cyrus Mistry. They have three children\u2014daughters Leah and Maya and son Neville<\/p>\n\n\n\n
Leah Tata is vice-president at The Indian Hotels Co, Maya is associated with Tata Capital while Neville is involved in Trent and Star Bazaar .<\/p>\n\n\n\n
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