MUMBAI: The 13 trusts, collectively known as Tata Trusts, on Friday elected Noel Naval Tata (67) as chairman with immediate effect, following the death of his half-brother Ratan Tata two days ago. The election was necessitated since Ratan Tata died on Wednesday night without a will on matters regarding the trusts that he led for close to four decades.Of the trusts, Sir Dorabji Tata Trust and Sir Ratan Tata Trust are the most prominent, and between them hold 55% of Tata Sons. All the 13 trusts together control 66.4% of Tata Sons, the holding company of the $165-billion Tata Group.“The trustees of various trusts that comprise the Tata Trusts met at a joint meeting held here this morning… after condoling the demise of Ratan Naval Tata, the chairman of the Tata Trusts, and recalled his yeoman services not only to the Tata Group but also to nation-building,” the trusts said in a statement on Friday.In separate meetings thereafter, it was unanimously decided to appoint Noel Naval Tata as the chairman of the various trusts that constitute the Tata Trusts and also designate him as chairman, Tata Trusts, the trusts said.Reacting to his appointment, Noel Tata said, “I am deeply honoured by the responsibility. I look forward to carrying on the legacy of the late Ratan Tata and the founders of the Tata Group.”“We rededicate ourselves to carrying on our developmental and philanthropic initiatives and continuing to play our part in nation-building,” he said.
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