1 hr ago
Harish Salve Backs Tata Sons Public Listing Debate
Harish Salve says Tata Sons should become a publicly listed company.
A listed company can be examined by public shareholders and markets.
He believes Tata Sons has become too important to be managed only through its traditional structure.
He pointed to businesses such as Air India, defense projects and hydrogen projects.
Tata Trusts, which owns the controlling share, disagrees with an immediate listing.
Chairman Noel Tata has supported exploring other solutions, including buying out minority shareholders.
The Shapoorji Pallonji Group, a minority shareholder, supports a public offering.
The disagreement is mainly about transparency, control and how Tata Sons should be governed.
The debate follows a recent board deadlock resolved by a chairman’s casting vote.
Former Solicitor General Harish Salve backed listing Tata Sons, arguing its national and global importance requires institutional evolution and professional management.
Salve said Tata Sons’ sensitive assets and businesses, including Air India, defense work and hydrogen projects, make transparency and strong governance especially important.
Tata Trusts, led by Chairman Noel Tata, opposes an immediate public listing and says all alternatives should be assessed before a decision.
Tata Trusts controls 66 percent of Tata Sons, while the Shapoorji Pallonji Group holds an 18.37 percent minority stake.
The Shapoorji Pallonji Group supports listing to improve valuation, shareholder transparency and long-term governance stability.
- Who
- Former Solicitor General Harish Salve, Tata Trusts led by Chairman Noel Tata, and the Shapoorji Pallonji Group are the main participants.
- What
- They are debating whether Tata Sons should be converted into a publicly listed company.
- Where
- Salve made his comments in London, United Kingdom; the decision concerns Tata Sons.
- When
- The comments and positions were reported on September 18, 2026.
- Why
- Salve supports listing for greater transparency, professional stewardship and governance, while Tata Trusts wants to preserve the closely held structure and assess alternatives.
Supports Public Listing
Opposes Immediate Listing
Governance and transparency
Supports Public Listing
Harish Salve and the Shapoorji Pallonji Group say public listing would strengthen transparency, establish fair value and support professional, long-term governance.
Opposes Immediate Listing
Tata Trusts says the conglomerate’s century-old structure should be preserved and has challenged unilateral board resolutions as illegal.
Ownership and control
Supports Public Listing
Supporters argue Tata Sons’ national and global scale requires an institutional framework that is not dependent on a small group of trustees.
Opposes Immediate Listing
Tata Trusts, led by Noel Tata and holding 66 percent, favors exploring alternatives to listing, including a proposed Rs 25,000-crore buyout of minority shareholders.
Key facts
- Listing advocate
- Former Solicitor General Harish Salve
- Tata Trusts stake
- 66 percent of Tata Sons
- Shapoorji Pallonji Group stake
- 18.37 percent of Tata Sons
- Alternative proposal
- A proposed Rs 25,000-crore equity buyout of minority shareholders
- Key businesses cited
- Air India, defense work and hydrogen projects
- Recent governance issue
- A board deadlock was resolved through the chairman’s casting vote
- Regulatory context
- The proposed listing is linked in the report to a regulatory push from the RBI
Quotes
Harish Salve
Former Solicitor General of India and senior advocate discussing Tata Sons’ governance and proposed public listing
“Tatas today are not even an institution. Tatas today are the face of India. It is India's largest corporate enterprise with the highest rating in ethics, governance, and management. Tatas has so many sensitive assets which the government has given them. Air India is a very sensitive asset which they've taken from the government and are trying to put back on its feet. They are doing defense work for government, they are setting up hydrogen projects. They are a global institution. A global المؤسسة”
businesstoday.in
“The Board agreed that all available options, and not listing alone, should be thoroughly explored and assessed on an immediate basis, with the findings and recommendations presented to the Board.”
businesstoday.in
Sources
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