Tata Sons listing: Tata Steel, TMPV, Tata Chemicals among stocks that could benefit; here's why

Shares of Tata Steel Ltd, Tata Motors Passenger Vehicles Ltd (TMPV) and Tata Chemicals Ltd are among the stocks that could benefit after the Reserve Bank of India (RBI) rejected Tata Sons' application to deregister as a core investment company (CIC).

The three listed Tata group companies hold stakes of around 2.5-3 per cent each in Tata Sons. The potential listing of Tata Sons could therefore bring greater attention to the value of these holdings, although the impact on the stocks will depend on how investors value the unlisted holding company.

Tata Chemicals holds a 2.53 per cent stake in Tata Sons, estimated to be worth around Rs 30,000 crore based on a Tata Sons valuation of about Rs 12 lakh crore. That compares with Tata Chemicals' market capitalisation (m-cap) of around Rs 15,594 crore.

Tata Steel and TMPV each hold around 3.06 per cent in Tata Sons. Their stakes are estimated to be worth about Rs 36,348 crore each.

Other listed Tata group companies, including Indian Hotels Company Ltd, Tata Consumer Products Ltd and Tata Power Company Ltd, also hold stakes in Tata Sons ranging from around 0.43 per cent to 1.65 per cent.

Together, six listed Tata group companies hold Tata Sons shares estimated at around Rs 1.4 lakh crore, based on the estimated Rs 12 lakh crore valuation of Tata Sons.

Why Tata Sons listing is back in focus

The listing of Tata Sons has been a key question for some time. The RBI's rejection of Tata Sons' application to surrender its core investment company registration comes after the holding company was retained in the central bank's upper-layer NBFC list.

In 2022, the RBI released a list of upper-layer non-bank finance companies, which included Tata Sons as a core investment company (CIC).

In June 2026, the central bank released a new principle-based framework for NBFC classification, replacing the earlier parametric methodology used to determine upper-layer NBFCs.

A revised upper-layer NBFC list based on the new framework was released on August 6 and retained Tata Sons in the list.

The RBI had stated at the time that Tata Sons' inclusion was "without prejudice to the outcome of its application for de-registration, which is under examination."

The Reserve Bank has sent a letter to Tata Sons rejecting its application to deregister as a CIC.

Meanwhile, N Chandrasekaran has been reappointed as Executive Chairman of Tata Sons for a further five-year term. However, Tata Trusts chairman Noel Tata opposed the reappointment of Chandra as Tata Sons Chairman. He said Chandra's earlier decision not to seek another term had been accepted by the majority shareholder and "has attained finality".

The Tata Sons board approved a fresh five-year term for Chandra at a meeting in Mumbai on Thursday and also set in motion the process to list the group's holding company.

(This story was filed on September 14 and has been updated)