Tata Sons to get new directors, vacancies open up on board; to inject fresh capital of Rs 30,000 crore
Tata Sons plans to invest ₹30,000 crore ($3.5 billion) in its growing ventures. (AI image)
Tata Sons is actively seeking new directors to fill upcoming vacancies on its board. Former Jaguar Land Rover CEO Ralf Speth is anticipated to retire in the next few months when he turns 70.
Speth had joined following Cyrus Mistry's removal in October 2016.
With Leo Puri's resignation as independent director in April, sources told ET that one of these positions might be allocated to an executive director from within the group.
Sources indicate that TV Narendran, the CEO and MD of Tata Steel, is a leading candidate for the board position.
Independent director Ajay Piramal, aged 69, is expected to conclude his tenure by mid-next year.
This aligns with Tata Sons' established retirement guidelines. Piramal became a board member in August 2016.
According to the Articles of Association (AoA), executive position holders retire at 65, whilst board-level positions have a retirement age of 70.
Boardroom Shake-up
The board's composition will shift from the structure established by former chairman Ratan Tata in 2016 following Mistry's removal, according to an observer familiar with the group.
Whilst Tata Trusts' board nominees, including chairman Noel Tata, Vijay Singh (76), and Venu Srinivasan (72), face no age restrictions. The independent directors comprise Harish Manwani, Anita M George, and Piramal.
"There are very few senior Tata executives today with the depth of Narendran's experience and leadership," stated a group executive.
Several Tata group veterans, including Bhaskar Bhat, have retired upon reaching superannuation, whilst others such as Harish Bhat and Banmali Agrawala continue serving in advisory positions.
Tata Sons plans to invest ₹30,000 crore ($3.5 billion) in its growing ventures, including Tata Digital, Tata Electronics and Air India, alongside defence and battery operations through equity investments. Executives have confirmed defence operations as a key strategic focus. This investment supplements the group's existing $120 billion commitment towards new enterprises.
Tata Sons advisor Agrawala serves as non-executive chairman at Tata Electronics. Manwani, who previously served as COO of Unilever Plc before joining the Tata Sons board in 2018, is expected to remain until 2027.
Additionally, Tata Sons has initiated proceedings to voluntarily surrender its RBI registration certificate, having cleared over ₹20,000 crore in debt, allowing it to maintain its status as an unlisted, closely held organisation.
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