Noel Tata has no quarrel with where the Tata Group is headed. His problem is with how it is getting there.

Speaking at the Hindustan Times Leadership Summit, the Tata Trusts chairman calls for stronger execution in new-age bets like chips and EV batteries, while warning that listing Tata Sons could put profit ahead of philanthropy.

Tata Trusts chairman Noel Tata said on Saturday that he backs the conglomerate’s push into new-age businesses such as batteries and semiconductors, and is not against investing in projects of national importance.

But he said the country’s second-largest conglomerate should not lose discipline in executing them.

Speaking at the Hindustan Times Leadership Summit in New Delhi, Noel said the Trusts remain ready to back Tata Sons’ national projects, which are part of the group’s DNA.

“I have not asked or questioned the direction of what we have done,” Noel said of Tata Sons’ investments in new-age businesses.

“I sometimes question the delivery of what we are doing. How will projects with a long gestation period succeed if we don’t have discipline, and how will we allocate capital to those projects? So, very clearly, direction is fine, but we also need discipline of execution in these very large projects,” he added.

A widening rift

The remarks come amid Noel’s differences with the Tata Sons board over three issues: the reappointment of chairman Natarajan Chandrasekaran for another five-year term, a planned public offering of Tata Sons, and growing losses in new-age businesses including aviation, electric vehicle batteries, digital commerce and semiconductors.

Noel was unanimously appointed chairman of Tata Trusts on 11 October 2024, two days after his half-brother Ratan Tata died. The appointment put him at the helm of the philanthropic institutions that collectively own about 66% of Tata Sons.

Over the past 12 months, differences have emerged between Noel and Tata Sons, led by Chandrasekaran. What began as questions over the group’s losses in new-age businesses soon turned into questions over the leadership itself.

The dispute came to a head on 17 September 2026, when the Tata Sons board reappointed Chandrasekaran for a third five-year term despite Noel’s opposition. The resolution passed 4-1. The two Trust nominee directors on the board split, Noel voting against and Venu Srinivasan in favour, and independent director Harish Manwani broke the deadlock with a casting vote.

After the 17 September board meeting, Noel called the decision invalid, saying it could not be approved without most of the Trusts’ nominees agreeing. Tata Sons has defended the decision, while the Trusts have challenged its legality.

‘The Tata way’

Noel has also opposed making Tata Sons a public company, arguing that in the Tata way of working, charity comes before business. “My worry is that listing, which is what some people are proposing, will change the Tata way,” he said.

“If we have 30,000, 40,000 shareholders, profit may take precedence over philanthropy, and I think that would fundamentally change the Tata way of working,” he said.

About the Author

Dipali Banka is a Mumbai-based journalist who treats corporate reporting less like a beat and more like a puzzle to be solved. This invariably means she has to read through annual reports and speak with leaders and analysts. She tracks policies, deals, and the pulse of industries spanning metals, mining, paints, and cement, alongside aviation. She started out as an intern at The Statesman and then completed her postgraduate diploma in journalism from Asian College of Journalism, Chennai, in 2025. Relentlessly curious at heart, Dipali is driven by the simple urge to understand how things work and who they impact. Armed with an enduring fascination for steel and aeroplanes, she moves through the churn of daily news with focus, turning complexity into clarity without losing the story. She is particularly committed to shaping numbers into objective narratives, having little appetite for vagueness that gets in her way.<br><br>Outside the newsroom, Dipali is an unapologetically loud presence who values long conversations and longer walks to unwind. She devours books of all kinds and can often be found indulging in the lyrical sway of contemporary ghazals. She ardently believes that her relationship with her bylines is more sacred than it would ever be with anyone across the human race.