Tata Vs Tata: The iPhone, Ram Mandir Connection That Could ‘Rescue” Tata Sons

Can an iPhone manufacturer and the engineering consultant behind major Indian infrastructure projects help Tata Sons avoid a stock market listing? Tata Trusts has proposed merging Tata Electronics Systems Solutions (TESS) and Tata Consulting Engineers (TCE) into Tata Sons to potentially change its regulatory classification. TESS, which emerged from Tata's acquisition of Wistron's iPhone assembly operations, reported consolidated revenue of nearly ₹1.27 lakh crore in FY26. It also holds a majority stake in the former Pegatron operations. Meanwhile, TCE has worked on prestigious projects including Ayodhya's Ram Mandir complex, the Mumbai-Ahmedabad bullet train and semiconductor infrastructure. Together, these businesses could significantly increase Tata Sons' operating revenue, supporting Tata Trusts' argument for keeping the holding company unlisted. But will the Tata Sons board and the Reserve Bank of India approve this restructuring?