Tata Sons chairman race heats up: T V Narendran, Saurabh Agrawal, NSE's Ashish Chauhan in contention
Tata Sons has narrowed its search for N Chandrasekaran’s successor to three prominent corporate leaders as the conglomerate prepares for a leadership transition in February 2027. Tata Steel CEO T V Narendran is seen as the leading internal contender, while Saurabh Agrawal and NSE chief Ashish Chauhan are also in the race.
- Sep 5, 2026,
- Updated Sep 5, 2026 2:32 PM IST
Tata Sons, the holding company of the $275-billion-plus Tata Group, has narrowed its search for Chairman N Chandrasekaran’s successor to three prominent corporate leaders, people familiar with the matter said. The names under consideration are Tata Steel CEO and MD T V Narendran, Tata Sons Executive Director and Group CFO Saurabh Agrawal, and NSE MD and CEO Ashish Chauhan, PTI News reported.
Narendran has emerged as the strongest internal candidate, while Agrawal brings extensive investment banking and capital-allocation experience. Chauhan, a veteran of India’s capital markets and one of the executives involved in establishing the National Stock Exchange (NSE), is being viewed as a potential dark horse, the people said.
The selection process remains underway and no final decision has been taken. The Tata Sons board and the trusts that control the holding company are expected to have a significant role in choosing the next chairman. Sources said Tata Trusts Chairman Noel Tata has discussed the shortlisted names with senior government leaders.
Chandrasekaran, who became Tata Sons chairman in 2017 and is serving his second five-year term, announced last month that he would not seek reappointment when his tenure ends on February 20, 2027.
TV Narendran seen as leading internal candidate
Narendran, a Tata Steel veteran since 1988, has spent more than three decades with the group and has led the steelmaker as CEO and MD for over a decade. He has steered Tata Steel through commodity cycles, major capital expenditure and challenges involving its European operations.
He has also held prominent industry positions, including chairman of the World Steel Association and president of the Confederation of Indian Industry.
However, people familiar with the process noted that his experience has largely been within Tata Steel, giving him less exposure to the holding company's broader capital-allocation decisions.
Saurabh Agrawal brings finance expertise
Agrawal joined Tata Sons in 2017 as Group CFO and is now Executive Director and Group CFO. His responsibilities include capital allocation, investment management and portfolio optimisation across the conglomerate.
A former investment banker, Agrawal has worked with DSP Merrill Lynch and Standard Chartered and held a strategy role at the Aditya Birla Group. He also sits on boards across the Tata ecosystem, including Tata Capital, Tata Digital and Tata Power-related businesses.
His profile could become particularly relevant as the group enters a period of heavy investment across aviation, semiconductors, electric mobility and digital businesses.
ALSO READ: Multiple options exist post the deferment of Tata Sons' AGM, say legal experts
Ashish Chauhan emerges as dark horse
Chauhan offers a different combination of technology, finance, capital markets and institutional leadership. He helped establish NSE in the 1990s, later headed the Bombay Stock Exchange and returned to NSE as MD and CEO in 2022.
His supporters point to his experience in navigating regulatory environments and transforming large institutions. However, leading Tata Sons would require him to shift from capital markets to overseeing a conglomerate spanning more than 30 businesses.
The next chairman will also inherit major strategic challenges, including Air India's expansion, Tata's semiconductor ambitions, TCS's technology transition and the long-pending question of a Tata Sons listing.
For now, Narendran remains the leading internal contender, with Agrawal as the finance-focused alternative and Chauhan the potential surprise choice.
MUST READ: Tata Sons gets 3-month AGM extension from RoC amid leadership uncertainty: Report
Tata Sons, the holding company of the $275-billion-plus Tata Group, has narrowed its search for Chairman N Chandrasekaran’s successor to three prominent corporate leaders, people familiar with the matter said. The names under consideration are Tata Steel CEO and MD T V Narendran, Tata Sons Executive Director and Group CFO Saurabh Agrawal, and NSE MD and CEO Ashish Chauhan, PTI News reported.
Narendran has emerged as the strongest internal candidate, while Agrawal brings extensive investment banking and capital-allocation experience. Chauhan, a veteran of India’s capital markets and one of the executives involved in establishing the National Stock Exchange (NSE), is being viewed as a potential dark horse, the people said.
The selection process remains underway and no final decision has been taken. The Tata Sons board and the trusts that control the holding company are expected to have a significant role in choosing the next chairman. Sources said Tata Trusts Chairman Noel Tata has discussed the shortlisted names with senior government leaders.
Chandrasekaran, who became Tata Sons chairman in 2017 and is serving his second five-year term, announced last month that he would not seek reappointment when his tenure ends on February 20, 2027.
TV Narendran seen as leading internal candidate
Narendran, a Tata Steel veteran since 1988, has spent more than three decades with the group and has led the steelmaker as CEO and MD for over a decade. He has steered Tata Steel through commodity cycles, major capital expenditure and challenges involving its European operations.
He has also held prominent industry positions, including chairman of the World Steel Association and president of the Confederation of Indian Industry.
However, people familiar with the process noted that his experience has largely been within Tata Steel, giving him less exposure to the holding company's broader capital-allocation decisions.
Saurabh Agrawal brings finance expertise
Agrawal joined Tata Sons in 2017 as Group CFO and is now Executive Director and Group CFO. His responsibilities include capital allocation, investment management and portfolio optimisation across the conglomerate.
A former investment banker, Agrawal has worked with DSP Merrill Lynch and Standard Chartered and held a strategy role at the Aditya Birla Group. He also sits on boards across the Tata ecosystem, including Tata Capital, Tata Digital and Tata Power-related businesses.
His profile could become particularly relevant as the group enters a period of heavy investment across aviation, semiconductors, electric mobility and digital businesses.
ALSO READ: Multiple options exist post the deferment of Tata Sons' AGM, say legal experts
Ashish Chauhan emerges as dark horse
Chauhan offers a different combination of technology, finance, capital markets and institutional leadership. He helped establish NSE in the 1990s, later headed the Bombay Stock Exchange and returned to NSE as MD and CEO in 2022.
His supporters point to his experience in navigating regulatory environments and transforming large institutions. However, leading Tata Sons would require him to shift from capital markets to overseeing a conglomerate spanning more than 30 businesses.
The next chairman will also inherit major strategic challenges, including Air India's expansion, Tata's semiconductor ambitions, TCS's technology transition and the long-pending question of a Tata Sons listing.
For now, Narendran remains the leading internal contender, with Agrawal as the finance-focused alternative and Chauhan the potential surprise choice.
MUST READ: Tata Sons gets 3-month AGM extension from RoC amid leadership uncertainty: Report