New director, new board, new ideas, Rs 300000000000..., this Ratan Tata's company gets ready for..., name is...
New director, new board, new ideas, Rs 300000000000..., this Ratan Tata's company gets ready for..., name is...
Tata Sons, the main holding company of the Tata Group, is about to see some important changes. A few board members are set to retire soon, and new members will be brought in to take their place. These changes are expected to bring fresh ideas and energy into the company. Along with this, Tata Sons is also planning a big investment of Rs. 30,000 crore (around USD 3.5 billion) into its growing businesses.
According to a report in the Economic Times , Ralf Speth, the former CEO of Jaguar Land Rover, might retire soon as he is turning 70. He joined the Tata Sons board in 2016, the same year when Cyrus Mistry was removed as chairman. Another board member, Leo Puri, stepped down in April this year.
Reports say that at least one of the two vacant positions may be filled by a senior executive from one of the Tata Group companies. Who might join the board?
TV Narendran, the current CEO and MD of Tata Steel, is said to be a strong candidate for the board. However, Tata Sons has not officially commented on this matter yet. Another board member, Ajay Piramal, may also step down next year as he turns 70. Piramal has been on the board since August 2016.
Tata Sons follows an internal policy where people in executive roles retire at 65, while those serving on the board can remain until the age of 70. These upcoming exits and appointments are expected to significantly change the board's makeup — a board originally restructured by Ratan Tata after the removal of Cyrus Mistry. Rs. 30,000 crore investment plan
Tata Sons is preparing to invest Rs. 30,000 crore in new business areas. This includes companies like Tata Digital, Tata Electronics, and Air India. A large part of this investment will also go into the defence sector and battery production units. Company officials have said that the defence business is now a key priority.
This fresh funding will be in addition to the Tata Group's earlier commitment of investing USD 120 billion in new businesses over the past few years. Application to RBI for delisting
Tata Sons has also applied to the Reserve Bank of India (RBI) to give up its registration certificate. The company has already cleared over Rs. 20,000 crore of debt. This move ensures that Tata Sons will remain a private company, meaning its shares will not be traded on the stock market.
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