Shapoorji Mistry urges Tata Trustees to support listing

Shapoorji Mistry, the chairperson of the Shapoorji Pallonji Group, urged all Tata Trustees to back the listing of Tata Sons Pvt. Mistry urged Tata Trusts to not let the listing become a point of division. (Reuters)The SP Group chair’s comments come after Tata Trusts, led by Mistry’s brother-in-law Noel Tata, vehemently opposed a Tata Sons listing. “I would like to see Tata Sons evolve into a modern, globally respected and publicly responsible holding institution,” Mistry said in a statement on Friday. ”Tata Trusts chairman Noel Tata told the Tata Sons board on 17 September that he would block any decision to list the country’s largest company by revenue and instead suggested the group’s holding company ask the Reserve Bank of India for at least three years to meet the requirements if a listing is eventually necessary. Mistry urged Tata Trusts to not let the listing become a point of division. “This landmark decision should not be viewed as a victory of one stakeholder over another. The century-old relationship between the two business houses reached a low a decade ago when Mistry’s younger brother Cyrus was ousted as the chair of Tata Sons by Ratan Tata in 2016. It has been built over generations through enterprise, trust, shared experiences, and a deep understanding of the responsibilities that come with building institutions in India. The SP Group’s total debt across its holding and operating companies is estimated to be upwards of ₹60,000 crore, according to media reports.