The Tata Trusts have asked the Board of Tata Sons to explore all available options beyond a public listing, following a communication received from the Reserve Bank of India (RBI) on September 11, 2026.
The Trusts clarified that they have not agreed to the listing of Tata Sons. At a recent Board meeting, it was decided that all available options, rather than listing alone, should be thoroughly examined and assessed on an immediate basis. The findings and recommendations will subsequently be presented to the Board, after which a separate meeting will be convened to determine the appropriate course of action.
The Tata Trusts also reiterated that their position on keeping Tata Sons unlisted remains unchanged.
The Tata Sons Board had unanimously resolved in March 2024, under the guidance of late Ratan Tata, that the company should remain unlisted. In July 2025, the Sir Dorabji Tata Trust and Sir Ratan Tata Trust also unanimously passed resolutions supporting the company remaining unlisted, and communicated the decision to Tata Sons for necessary action.
Commenting on the matter, Noel N Tata, Chairman, Tata Trusts, said the Tata Group was conceived as a form of national service carried out through business and has operated on that principle for more than a century.
He said the Group's ownership structure has allowed Tata Sons to take decisions that may not have been supported by a purely commercial approach.
“What is at stake today is something very fundamental: the nature and character of the Tata Group as a unique institution,” Tata said.
He further highlighted that Tata Sons' operating structure is based on a trust-owned model, with a charitable entity as its majority shareholder. According to Tata, dividends received by the charity fund hospitals, universities and research, thereby contributing to public purpose and nation building.
“That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle,” he added.
The Tata Trusts said they support a constructive, informed and lawful process through which all permissible options can be comprehensively examined, while keeping the long-term public interest in consideration.
The Trusts will continue to engage with Tata Sons and relevant authorities as the matter progresses, with an emphasis on ensuring a fair, transparent and legally compliant process.
A detailed statement presented by Noel N Tata to the Tata Sons Board has also been annexed to the communication.
