Kamal Ghorui
Shapoor Mistry too calls for public listing SP group chairman Shapoor Mistry, who represents the single largest minority shareholder in the Tata group, on Friday sought a public listing of Tata Sons as a “necessary” step that would secure and unlock value for stakeholders and boost the income of the trusts. The pitch came after similar calls from two Tata Trusts vice chairmen, and as RBI proposed draft classification norms for upper-layer NBFCs. Mistry himself pushed for public listing in Oct 2025 as well. Mistry pitches for Tata holdco to go public MUMBAI: Amid calls from two Tata Trusts vice chairmen to list Tata Sons and with the RBI now proposing draft classification norms for upper-layer NBFCs, Shapoor Mistry, who represents the single largest minority shareholder in Tata Sons, on Friday pitched a public listing of the Tata Group’s holding company as “a necessary” step that would unlock value for stakeholders and boost the income of the trusts. Mistry, chairman of the Shapoorji Pallonji (SP) Group and brother-in-law of Tata Trusts chairman Noel Tata, argued that the listing would “reinforce corporate governance, deepen transparency and accountability.” He added that no “clear, evidence-based case” has been made to show how going public would “materially damage the interests of the trusts or reduce their ability to serve beneficiaries.” SP, which has an 18.4% shareholding in Tata Sons, has pledged its entire stake as collateral to refinance debt of Rs 55,000-60,000 crore. A listing would help ease SP’s financial pressures. This is the second time Mistry has publicly pushed for a Tata Sons listing, following a similar call in Oct 2025 amid governance disputes at Tata Trusts and after Tata Sons missed the RBI’s Sept 30, 2025 listing deadline for upper-layer NBFCs. Tata Trusts holds about two-thirds of Tata Sons’ equity, underscoring its controlling influence over the holding company. Mistry’s latest statement also comes in the backdrop of Tata Trusts vice chairmen-Venu Srinivasan and Vijay Singh-breaking ranks to support the listing of Tata Sons. Noel has not been in favour of a listing and, at the last Tata Sons board meeting, had asked company chairman N Chandrasekaran to maintain the unlisted structure and expedite discussions with SP for a potential exit from Tata Sons. None of the other trustees of Tata Trusts have made public statements on the proposed listing, with the majority aligning with Noel’s position. The views expressed by Srinivasan and Singh also ran counter to a July 2025 resolution passed by Tata Trusts to retain Tata Sons as an unlisted entity. While indicating that discussions with Tata Sons leadership remain ongoing, Mistry expressed hope for an “amicable reconciliation at the earliest.” At the same time, he said, “We look towards the RBI for a decisive direction,” adding that the Tata Group, built on trust, integrity and public purpose, would be further strengthened through compliance with the RBI’s listing framework. Framing the listing as rooted in public interest, Mistry said a listed Tata Sons would strengthen board oversight, widen the investor base and secure long-term value for stakeholders. He emphasised that such a step could unlock value for millions of retail investors while also creating a more predictable and robust dividend stream for the trusts.
