Will Tata Sons finally list?
Board member, Venu Srinivasan is in favour of it; lawyers say a decision will need to be taken by the board.
- Apr 9, 2026,
- Updated Apr 9, 2026 4:59 PM IST
The listing of Tata Sons is back for a fresh round of discussion. This is after its board member and Tata Trusts’ Vice-Chairman, Venu Srinivasan backed it, according to media reports. Tata Trusts holds two-thirds of Tata Sons, the conglomerate’s holding company, that had a revenue of Rs 5.92 lakh crore for FY25.
At the board meeting in February, Noel Tata, Tata Trusts’ Chairman had opposed the listing of Tata Sons. Interestingly, Srinivasan is one of the trusts’ nominees on the Tata Sons’ board. Eminent tax lawyer, Homi Ranina makes it clear that Venu Srinivasan is merely expressing his opinion. “Eventually, it is left to the Tata Sons’ board to decide,” he says. According to him, the current situation as an indication of disagreement within the board on the entity’s listing. “Most importantly, RBI has to outline its view on the listing. Why Srinivasan has spoken about the issue is not very clear,” he adds.
In September 2022, the Reserve Bank of India (RBI) designated Tata Sons an “upper layer” non-banking financial company (NBFC), placing it among the most systemically significant such institutions in the country. Under RBI’s scale-based framework, entities in this category must list within three years of such a categorisation, unless granted an exemption or deregistration. That compliance deadline ended on September 30, 2025. Meanwhile the Tata Group has sought deregistration, maintaining that Tata Sons is not engaged in lending and, therefore, should not be regulated as an NBFC.
Meanwhile, the Tata Group is having to deal with losses on businesses like Tata Digital (this has BigBasket, Croma, Tata 1mg, Tata Neu and Tata Cliq), not counting for Air India, that it acquired from the government in early 2022. The estimated loss for the airline in FY26 could be in in excess of Rs 20,000 crore. “A potential listing of Tata Sons could be a much-needed relief for the group since it needs the money for these businesses,” adds Ranina.
Srinivasan’s comments come soon after he stepped down as Vice-Chairman of Hirabai Jamshetji Tata Navsari Charitable Institution. Specifically, on the listing of Tata Sons’ listing, he said the listing was a way to unlock value for minority shareholders and provide the holding company with capital. The highly leveraged Shapoorji Pallonji Group, that holds a 18.4% stake in Tata Sons needs the money to repay its debts.
According to Shiju P V, Managing Partner at India Law LLP, Noel Tata is not keen on the listing and restructuring the entity was a step in that direction. “Unlocking value is anyway a consequence of a potential listing,” he says.
The listing of Tata Sons is back for a fresh round of discussion. This is after its board member and Tata Trusts’ Vice-Chairman, Venu Srinivasan backed it, according to media reports. Tata Trusts holds two-thirds of Tata Sons, the conglomerate’s holding company, that had a revenue of Rs 5.92 lakh crore for FY25.
At the board meeting in February, Noel Tata, Tata Trusts’ Chairman had opposed the listing of Tata Sons. Interestingly, Srinivasan is one of the trusts’ nominees on the Tata Sons’ board. Eminent tax lawyer, Homi Ranina makes it clear that Venu Srinivasan is merely expressing his opinion. “Eventually, it is left to the Tata Sons’ board to decide,” he says. According to him, the current situation as an indication of disagreement within the board on the entity’s listing. “Most importantly, RBI has to outline its view on the listing. Why Srinivasan has spoken about the issue is not very clear,” he adds.
In September 2022, the Reserve Bank of India (RBI) designated Tata Sons an “upper layer” non-banking financial company (NBFC), placing it among the most systemically significant such institutions in the country. Under RBI’s scale-based framework, entities in this category must list within three years of such a categorisation, unless granted an exemption or deregistration. That compliance deadline ended on September 30, 2025. Meanwhile the Tata Group has sought deregistration, maintaining that Tata Sons is not engaged in lending and, therefore, should not be regulated as an NBFC.
Meanwhile, the Tata Group is having to deal with losses on businesses like Tata Digital (this has BigBasket, Croma, Tata 1mg, Tata Neu and Tata Cliq), not counting for Air India, that it acquired from the government in early 2022. The estimated loss for the airline in FY26 could be in in excess of Rs 20,000 crore. “A potential listing of Tata Sons could be a much-needed relief for the group since it needs the money for these businesses,” adds Ranina.
Srinivasan’s comments come soon after he stepped down as Vice-Chairman of Hirabai Jamshetji Tata Navsari Charitable Institution. Specifically, on the listing of Tata Sons’ listing, he said the listing was a way to unlock value for minority shareholders and provide the holding company with capital. The highly leveraged Shapoorji Pallonji Group, that holds a 18.4% stake in Tata Sons needs the money to repay its debts.
According to Shiju P V, Managing Partner at India Law LLP, Noel Tata is not keen on the listing and restructuring the entity was a step in that direction. “Unlocking value is anyway a consequence of a potential listing,” he says.