The Shapoorji Pallonji Group (SP Group), which holds around 18.4% in Tata Sons, has backed the listing of the Tata Group’s principal holding company, saying it plans to work “closely and constructively” towards the move. SP Group chairman Shapoorji Pallonji Mistry said the Reserve Bank of India’s recent clarification on Tata Sons’ regulatory status provides greater clarity and argued that a listed Tata Sons could enhance transparency, accountability and the ability of Tata Trusts to pursue their philanthropic activities. The development comes amid differing views within Tata Sons’ ownership structure, with Tata Trusts chairman Noel Tata opposing a public listing, arguing that its privately held structure has enabled Tata Sons to support initiatives beyond purely commercial considerations. The SP Group’s position is also linked to its long-standing interest in creating liquidity from its Tata Sons holding. Noel Tata had reportedly proposed a plan for Tata Sons to buy shares worth ₹25,000 crore from the SP Group in two tranches over 18 months, based on income-tax fair value, potentially offering the group a partial exit without a listing. Sources cited in the report said the proposal involved only a small portion of the SP Group’s holding, while the group continues to favour a listing that could provide liquidity for its remaining stake. The latest disagreement adds another dimension to the evolving relationship between the SP Group and Tata Sons, following the 2016 removal of Cyrus Mistry as Tata Sons chairman. Mistry maintained that a publicly accountable and transparent Tata Sons could support sustained business growth while generating greater resources for Tata Trusts’ philanthropic responsibilities.
SP Group Seeks Tata Sons Listing, Citing Greater Transparency and Liquidity
