Tata Sons listing debate resurfaces as trustee Vijay Singh pushes for IPO

A senior trustee of Tata Trusts has called for the listing of Tata Sons, diverging from an earlier resolution to keep the holding company of the $350-billion Tata Group unlisted, the Indian Express reported.

Vijay Singh, a former Indian defence secretary and trustee at Tata Trusts, told the newspaper that the group should reconsider its long-held position as its expansion into capital- and technology-intensive sectors requires greater access to funding.

“The view over the last few years has been that Tata Sons should continue as it is, but its expansion and the new capital and technology-intensive businesses do demand an urgent re-look,” Singh was quoted as saying.

His comments follow similar remarks by fellow trustee Venu Srinivasan, who has argued that a public listing could unlock value for minority shareholders and provide capital to sustain growth.

Tata Trusts, which owns about 66% of Tata Sons, had last year passed a resolution to retain the company’s unlisted status.

However, the issue has remained under discussion, partly due to Reserve Bank of India regulations that classify Tata Sons as an “upper layer” non-banking finance company, which typically requires listing.

Singh said Tata Sons’ role has expanded from traditional sectors such as steel and infrastructure to newer areas including aviation, semiconductors and electronics, which require significant capital.

“Tata Sons… has been a key driver of nation-building projects… That role has now expanded into areas… which demand large capital that can be raised internally only up to a point,” he said.

He also called for greater transparency and regulatory oversight, citing the company’s growth in size and value over the past decade.

According to the Indian Express, Tata Trusts Chairman Noel Tata is keen to retain Tata Sons as a privately held company, in line with the stance of his predecessor Ratan Tata.