Noel Tata reached out to India's top business tycoons ahead of Tata Sons board showdown: Report
Chandra was reappointed for another five-year term on September 17 despite opposition from Noel Tata. The board also agreed to comply with a regulatory push to list Tata Sons, a move Noel opposed.
- Oct 1, 2026,
- Updated Oct 1, 2026 6:08 PM IST
Tata Trusts chairman Noel Tata reached out to heads of some of India's most prominent business families ahead of the September 17 Tata Sons board meeting, seeking to explain his position as his battle with Chairman N Chandrasekaran intensified, Bloomberg reported on Thursday.
But by then, however, Chandra had reportedly gained momentum as he spent years building relationships in corporate India and New Delhi.
The outreach came as Noel sought to challenge Chandra's leadership of Tata Sons, the holding company at the top of the Tata empire. The Trusts own 66% of Tata Sons.
Read More: Tata Group Crisis Deepens: Vijay Singh, Venu Srinivasan Raise Governance Questions
At the September 17 Tata Sons board meeting, directors asked N Chandrasekaran to reconsider his earlier decision not to seek another term as executive chairman. After he agreed, the board voted 4:1 to reappoint him for another five years. Venu Srinivasan, Harish Manwani, Anita George, and Saurabh Agrawal backed the resolution, while Noel Tata voted against it. Chandrasekaran did not participate in the vote.
The board also agreed to comply with a regulatory push to list Tata Sons, a move Noel opposed.
People familiar with the situation told Bloomberg that Noel contacted the heads of some of India's largest family-controlled conglomerates before the board meeting. The aim, according to the report, was to ensure his position was understood by people with influence across corporate India and New Delhi.
His effort came after an earlier period when Noel had been confident enough about the government's receptiveness to decline offers of introductions to influential figures in the capital, the report said.
Chandrasekaran's network had been built over nearly a decade at the helm of Tata Sons. He has become an important interlocutor for the Modi government and a figure officials can approach when they want the Tata Group to explore strategic projects.
People familiar with the situation also told Bloomberg that Chandra has said the government supports the direction he is taking. One example was the announcement of a semiconductor fabrication plant at Vibrant Gujarat, even though Tata Electronics did not yet have a technology partner. The partnership with Taiwan's PSMC came later.
Must Read: Noel Tata on Tata Sons listing: ‘Hope RBI will engage with us and find a solution to avoid listing’
Noel vs Chandra over investment
Some big-ticket projects have become a key source of tension between Noel and Chandra.
A confidential analysis prepared by Tata Trusts and reviewed by Bloomberg said Tata Sons had committed to long-gestation businesses, including semiconductors, electronics, and aviation.
The ventures could require more than Rs 2 lakh crore in additional capital before generating meaningful cash, according to the analysis.
The Trusts want tighter oversight of future capital spending, people familiar with the matter said. Chandra's camp argues that the commitments have already been made and need continuity, particularly as the projects enter critical phases.
The dispute has also been sharpened by the Reserve Bank of India’s push for Tata Sons to list. The RBI recently rejected Tata Sons' attempt to avoid a regulatory classification that triggers listing requirements.
Noel has proposed a restructuring of Tata Sons to avoid listing.
The report said that Noel is prepared, if necessary, to approach the Supreme Court over restrictions that could limit the Trusts' voting rights. But officials have quietly signaled that they do not want the dispute to reach the courts.
Tata Trusts chairman Noel Tata reached out to heads of some of India's most prominent business families ahead of the September 17 Tata Sons board meeting, seeking to explain his position as his battle with Chairman N Chandrasekaran intensified, Bloomberg reported on Thursday.
But by then, however, Chandra had reportedly gained momentum as he spent years building relationships in corporate India and New Delhi.
The outreach came as Noel sought to challenge Chandra's leadership of Tata Sons, the holding company at the top of the Tata empire. The Trusts own 66% of Tata Sons.
Read More: Tata Group Crisis Deepens: Vijay Singh, Venu Srinivasan Raise Governance Questions
At the September 17 Tata Sons board meeting, directors asked N Chandrasekaran to reconsider his earlier decision not to seek another term as executive chairman. After he agreed, the board voted 4:1 to reappoint him for another five years. Venu Srinivasan, Harish Manwani, Anita George, and Saurabh Agrawal backed the resolution, while Noel Tata voted against it. Chandrasekaran did not participate in the vote.
The board also agreed to comply with a regulatory push to list Tata Sons, a move Noel opposed.
People familiar with the situation told Bloomberg that Noel contacted the heads of some of India's largest family-controlled conglomerates before the board meeting. The aim, according to the report, was to ensure his position was understood by people with influence across corporate India and New Delhi.
His effort came after an earlier period when Noel had been confident enough about the government's receptiveness to decline offers of introductions to influential figures in the capital, the report said.
Chandrasekaran's network had been built over nearly a decade at the helm of Tata Sons. He has become an important interlocutor for the Modi government and a figure officials can approach when they want the Tata Group to explore strategic projects.
People familiar with the situation also told Bloomberg that Chandra has said the government supports the direction he is taking. One example was the announcement of a semiconductor fabrication plant at Vibrant Gujarat, even though Tata Electronics did not yet have a technology partner. The partnership with Taiwan's PSMC came later.
Must Read: Noel Tata on Tata Sons listing: ‘Hope RBI will engage with us and find a solution to avoid listing’
Noel vs Chandra over investment
Some big-ticket projects have become a key source of tension between Noel and Chandra.
A confidential analysis prepared by Tata Trusts and reviewed by Bloomberg said Tata Sons had committed to long-gestation businesses, including semiconductors, electronics, and aviation.
The ventures could require more than Rs 2 lakh crore in additional capital before generating meaningful cash, according to the analysis.
The Trusts want tighter oversight of future capital spending, people familiar with the matter said. Chandra's camp argues that the commitments have already been made and need continuity, particularly as the projects enter critical phases.
The dispute has also been sharpened by the Reserve Bank of India’s push for Tata Sons to list. The RBI recently rejected Tata Sons' attempt to avoid a regulatory classification that triggers listing requirements.
Noel has proposed a restructuring of Tata Sons to avoid listing.
The report said that Noel is prepared, if necessary, to approach the Supreme Court over restrictions that could limit the Trusts' voting rights. But officials have quietly signaled that they do not want the dispute to reach the courts.