Tata Steel

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, Oct 9 (Reuters Breakingviews) - Few people know Tata Consultancy as well as N Chandrasekaran. He spent three decades at the $78 billion outsourcer, including eight years as CEO before becoming its chair and also taking charge of Tata Sons, the holding company of the wider Indian conglomerate. But with Chandra now at the centre of a power struggle at the salt-to-steel group, concerns over his bandwidth to steer the IT giant through AI disruption will surface.

The company's latest quarterly earnings on Thursday underscore the problem. Revenue for the three months to the end of September grew to about 732 billion rupees ($7.6 billion), up just 2.8% in constant currency terms. Though its annualised AI services revenue jumped 19% to $3.1 billion from the preceding three months, it accounts for just 10% of the top line. Tata Consultancy's TCS.NS deal pipeline at $9.6 billion was down 4% year-on-year. The net margin contracted 60 basis points to 19%.

To shore up growth, Chandra has stepped up his direct involvement in recent months. That has coincided with a flurry of unusual deals. In August, Tata Consultancy acquired Porsche's P911_p.DE automotive and consulting unit. Last week, it took over US consumer electronics retailer Best Buy’s BBY.N global capability centre in India. The IT firm has also pivoted into capital-intensive investments by building data centres, with OpenAI as one of the customers.

For Chandra to be a hands-on chair while the company confronts the AI challenge makes sense. He knows the company well, and Tata Consultancy is the conglomerate's cash engine, accounting for 89% of Tata Sons' profit for the 2026 financial year. Problem is, he is also chair at at least seven other group companies including Tata Steel TISC.NS, Tata Motors <TAMO.NS, TATM.NS, Tata Power TTPW.NS and Air India. With both the airline and the IT group in need of a big reset, Chandra already looked spread thin.

Now he's locked in an all-out war with Noel Tata, chair of Tata Trusts, which owns 66% of Tata Sons. Not only does that limit the time Chandra has to focus on the operating companies but it also raises a question mark over how long he'll be around to try. Tata Consultancy investors appear to favour him staying: shares fell when his position looked most threatened by the trusts and rebounded after Chandra dug in his heels.

Either way, it leaves K Krithivasan squarely with the job of seeing Tata Consultancy through the AI disruption and emerging from his predecessor's shadow. Since taking over as CEO in 2023, around the time the new tech cycle began disrupting IT services firms, Tata Consultancy's shares have lagged Infosys INFY.NS, HCLTech HCLT.NS and Wipro WIPR.NS. The shares rallied as much as 4% on Friday morning on faster AI revenue growth but that looks through a rather obvious key-man risk.

https://www.reuters.com/graphics/BRV-BRV/akpelnoaqvr/chart.png

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CONTEXT NEWS

Tata Consultancy Services on October 8 reported revenue of 731.88 billion Indian rupees ($7.6 billion) in ⁠the quarter to the end of September 2026, up 11% year-on-year, or 2.8% in constant currency terms.

(Editing by Una Galani; Production by Aditya Srivastav)

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By Neha Arora

NEW DELHI, Oct 7 (Reuters) - India's steel ministry is unlikely to push for any new measures to curb cheap imports in the near term, turning down a request from domestic steelmakers, according to a government source with direct knowledge of the matter.

India, the world's second-biggest crude steel producer, was a net importer of finished steel in April-August, shipping in ​3.5 million metric tons of the alloy, up 29.5% from a year ago. China accounted ​for 31.8% of imports, making it the top exporter of finished steel to India in the period.

India launched an anti-dumping probe into hot-rolled steel imports from China, Japan and Russia in June.

New Delhi had last December imposed import tariffs, locally known as a safeguard duty, on some grades for three years.

There has been a surge in imports despite the measure. Last week, the federal steel secretary said imports were a challenge.

A steel analyst said there was a petition from a steel mill to raise the safeguard duty above 20% from the current 11.5%.

But the government source said no hike was planned at present because steel prices were already high. The source spoke on condition of anonymity because the import policy is confidential.

India's steel ministry did not respond to a request for comment.

In recent weeks, mills have lifted prices on the back of rising prices of coking coal, a key raw material, and a strong demand revival after the monsoon rains.

Demand from infrastructure and automobiles has been rising, industry executives said.

India's automobile sales rose 31.82% year-on-year in September, driven by strong demand for two-wheelers and passenger vehicles, an auto dealers' body said on Tuesday.

Higher imports remain the key risk to Indian steel producers' margins if competitive pressure resurges, Fitch Ratings said in a report on September 1.

(Reporting by Neha Arora; Editing by Jamie Freed)

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Oct 2 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

The Times

• Land Securities Group LAND.L is raising £500 million ($659.55 million) from investors to help fund its acquisition of the Metrocentre shopping centre near Newcastle.
  
  

• Brazil's Nubank is no longer pursuing a deal for British digital bank Monzo that could have valued it between £8 billion ($10.55 billion) and £10 billion.

The Guardian

• Sycamore Partners is in advanced talks to sell British pharmacy chain Boots to the Weston family for about $9 billion.
  
  

• Britain's government is planning to ban airlines from charging parents extra to sit with their children on planes.

The Telegraph

• BT Group's BT.L broadband rivals have warned of a potential legal row over competition concerns surrounding its proposed takeover of TalkTalk.
  
  

• NatWest NWG.L is facing a fresh debanking disputeafter shipping executive Philip Adkins accused its private bank Coutts of closing his account on false grounds.

Sky News

• British ministers have awarded EY a contract to scrutinise Tata Steel's TISC.NS request for additional taxpayer funding.
  
  

• Goldman Sachs GS.N is expanding its partnership with housebuilding lender Quantum with up to £500 million in funding, following British Prime Minister Andy Burnham's announcement of a scheme to support first-time buyers.

The Independent

• Syngenta is planning to halt operations at its Grangemouth site, which could result in about 400 job losses.

($1 = 0.7581 pounds)

(Compiled by Bengaluru newsroom)

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** Shares of India's North Eastern Carrying Corporation NECC.NS rise 2.8% to 18.93 rupees

** Logistics and supply chain solutions co says it has been awarded a two-year work contract by Tata Steel TISC.NS for transportation of iron ore from India's Kalamang to various siding locations and railway stations

** Adds total contract value is 781.9 million rupees

** Stock up 4.6% YTD

(Reporting by Payel Das in Bengaluru)

(([email protected]))

Adds details, background paragraph 2 onwards

Sept 29 (Reuters) - Potential leadership transition and listing of Tata Sons would not immediately affect the ratings of the companies in the salt-to-software conglomerate, S&P Global said on Tuesday, saying that changes to the financial policies are likely to be gradual.

The comments by the ratings agency come amid a deepening boardroom rift at India's Tata group, with controlling charities at odds with management over the reappointment of Chairman N Chandrasekaran and the response to a listing mandate for the holding company.

Tata Trusts have proposed a restructuring that could help Tata Sons avoid a listing after the central bank rejected the company's request to surrender its status as a large non-bank finance company.

Investors are closely tracking developments as a potential listing could unlock value for shareholders of group companies that have stakes in the unlisted parent.

S&P said the group's rated companies are run by independent professional management teams, although Tata Sons continued to influence strategy.

S&P currently rates Tata Steel TISC.NS, Tata Motors TATM.NS, Tata Power TTPW.NS, Tata Power Renewable Energy and Tata Capital TATC.NS at "BBB" with a stable outlook, while Tata Motors Passenger Vehicles TAMO.NS has a "BBB" rating with a negative outlook. Jaguar Land Rover is rated "BBB-" with a negative outlook.

A routine listing of Tata Sons would be credit-neutral in the near term, the ratings agency said.

However, over the longer term, public shareholding could lead to greater scrutiny of capital allocation, shareholder returns and support for weaker group companies, potentially affecting its assessment of group support, S&P said.

(Reporting by Kashish Tandon in Bengaluru; Editing by Ronojoy Mazumdar and Mrigank Dhaniwala)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 28 (Reuters Breakingviews) - A power struggle at India's Tata group may have another victim in Deutsche Bank. The German lender helped unlisted builder Shapoorji Pallonji group raise pricey debt which it's now trying to offload at a premium. That taps into hopes for an imminent listing of Tata's holding company, Tata Sons. Such an outcome will shore up the ability of SP group, owner of an 18% stake, to honour its borrowings in excess of 541 billion rupees ($5.64 billion). But the timing is less promising than it seems.

The 160-year-old construction group behind Mumbai's iconic Taj Mahal Palace Hotel ran into financial difficulties in 2020, as Covid disrupted cash flows. Its problems intensified through the last six years, pushing the SP group towards higher-cost funding sources.

Deutsche latched onto the lending opportunity as did private credit funds which have been warming up to India. In July, when SP group entities issued bonds worth 214 billion rupees, sole arranger Deutsche scooped up 29% of the offer, according to data from Tracxn. In May 2025, SP group raised 286 billion rupees, roughly $3 billion at current exchange rates, from Ares Management ARES.N, BlackRock BLK.N and others in India's largest ever onshore private credit transaction. Each of those notes is backed by shares in Tata Sons.

Now Deutsche is trying to offload three-year zero-coupon notes issued by Eqyizen Investment, a unit of the SP group, at a ​yield of up to 18.75%, down from 18.95% in July, according to a Reuters report citing unnamed merchant bankers. Yet the spat at Tata group which spilled into public this month muddies, rather than improves, SP's group's ability to honour its borrowings and monetise its Tata Sons holding which might be worth at least 250 billion rupees.

Although Tata Sons' chair, N. Chandrasekaran, supports a listing for the holding company he leads, the move is being forced upon the conglomerate by the Reserve Bank of India. And Noel Tata, chair of the Tata Trusts which owns 65% of Tata Sons, fiercely opposes both a listing and Chandra's leadership position at the holding company.

That could entangle the duo in legal battles and delay any capital markets debut. The power struggle also ought to make SP group's credit and its Tata Sons stake less attractive to investors and lenders because of the sheer official meddling in the Indian conglomerate.

The SP group is already seeking an extension to payments worth 35 billion rupees ($365 million) due on September 30. Until now, it has been able to keep deferring and gorging on increasingly expensive debt to stay afloat. But the struggle at Tata group could make it harder for SP group to refinance. That provides a strong incentive for Deutsche and other lenders to try and monetise their positions.

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CONTEXT NEWS

Deutsche Bank and other investors are offering rupee-denominated bonds of a Shapoorji Pallonji group firm ​at a premium, encouraged by the construction group's plans to sell part ‌of its stake in Tata Sons, Reuters reported on September 21, citing three unnamed merchant bankers.

The SP group is also planning to seek an extension ⁠to a debt repayment worth around 35 billion rupees, ​which is due on September 30, the report added.

Tata Trusts on September 17 said the SP group proposed to ​sell part of its 18% stake worth 250 billion rupees in Tata Sons, the unlisted holding company of the wider steel-to-IT Tata conglomerate.

(Editing by Una Glani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

By Sarita Chaganti Singh and Sethuraman N R

NEW DELHI, Sept 26 (Reuters) - India has ordered more than 100 captive coal-fired power plants to operate at maximum capacity from October 1 through year-end to meet what it expects will be a rise in electricity demand.

• The federal power ministry's order, invoked under emergency provisions of the Electricity Act, applies to plants with installed capacity of at least 50 megawatts

• The aim is to meet an "expected rise in electricity demand in the coming months," showed the order dated September 25 and seen by Reuters

• Nearly 40% of coal-fired plants are operating with critically low fuel stock due to a surge in power demand as the El Niño climate phenomenon raises temperatures more than usual

• The plants primarily serve industrial facilities such as aluminium smelters, steel manufacturers, cement factories and oil refineries

• The power ministry has directed generators to sell surplus electricity through power exchanges

• The order covers 112 plants belonging to companies including Vedanta VDAN.NS, Tata Steel TISC.NS, Hindalco Industries HALC.NS, JSW Steel JSTL.NS, UltraTech Cement ULTC.NS, Reliance Industries RELI.NS, Indian Oil IOC.NS, Bharat Aluminium BHLNO.UL, Hindustan Zinc HZNC.NS and Nayara Energy

• The ministry has ordered plants to report weekly to the Central Electricity Authority detailing generation, captive consumption, power sales, available capacity and coal stocks

• Separately, the ministry has extended an earlier emergency order requiring Tata Power's TTPW.NS imported coal-fired plant in Mundra, Gujarat, to operate at full capacity until December 31, citing the demand situation

• Section 11 of the Electricity Act allows the government, under extraordinary circumstances, to direct generators to operate power stations in accordance with its instructions

(Reporting by Sethuraman NR and Sarita Chaganti Singh; Editing by Christopher Cushing)

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Sept 25 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL, DUTCH GOVERNMENT AND PROVINCE OF NORTH HOLLAND EXTEND JLOI FOR GREEN STEEL PROJECT UNTIL MARCH 1 2027 - STATEMENT

Source text: [ID:]

Further company coverage: TISC.NS

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** Tata Steel TISC.NS shares rise 3.3% to 191 rupees, hitting their highest level since Aug 6

** Stock top gainer on the Nifty 50 Index .NSEI

** Motilal Oswal says domestic steel prices have surged sharply, driven by maintenance shutdown-led lean channel inventory, improved consumption, and input cost inflation

** Expects Tata Steel's India business to post strong Q2 earnings; says pricing discipline will be key to offsetting cost inflation in H2 FY27

** "We remain constructive on TATA, given the ongoing capacity expansions, favorable steel pricing, and resilient demand, which should position the company to capitalize on the long-term domestic opportunity," - Brokerage

** Reiterates "Buy" rating on stock with TP of 220 rupees

** Shares of peers Steel Authority of India SAIL.NS rise 6.3%, JSW Steel JSTL.NS up 2.15%; Nifty Metal Index .NIFTYMET up 2.02%

** YTD, TISC up 6.2%

(Reporting by Abhinav Parmar in Bengaluru)

(([email protected];))

Sept 19 (Reuters) -

• TATA STEEL SEEKS NEW GOVERNMENT FUNDING AS INDUSTRY CRISIS DEEPENS - SKY NEWS

Source text: https://tinyurl.com/mr4aj95v

Further company coverage: TISC.NS

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Sept 18 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL - CALCUTTA HIGH COURT REJECTS CO'S APPLICATION SEEKING INJUNCTION ON JPC UTILISING FUNDS PAID TOWARDS STEEL DEVELOPMENT FUND LOANS

• TATA STEEL - COURTS DIRECT THAT TILL APPEAL IS DISPOSED OF JOINT PLANT COMMITTEE SHALL NOT UTILISE FUNDS

Source text: ID:nBSE6Zxfz6

Further company coverage: TISC.NS

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Sept 17 (Reuters) - India's Tata Trusts said on Thursday it has not agreed to the listing of Tata Sons and asked the conglomerate's holding company to explore all available options other than a public listing.

Earlier in the day, Reuters reported that the board of Tata Sons said it would consider a listing, after the Reserve Bank of India rejected its request for an exemption from rules requiring it to list.

(Reporting by Nishit Navin; Editing by Shilpi Majumdar)

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Adds developments in paragraph 3, updates share movement

Sept 15 (Reuters) - Shares of several Tata Group companies jumped on Tuesday on renewed expectations that Tata Sons could eventually be listed, after India's central bank rejected the holding company's application to deregister as a non-bank lender.

A potential listing of Tata Sons, the holding company of 31 group companies, could unlock value and boost valuations for listed Tata companies, particularly those with stakes in the unlisted parent. Tata Chemicals, Tata Motors and Tata Investment are among the companies that own stakes in Tata Sons.

The Reserve Bank of India pre-emptively approached the courts seeking to be heard in any matter filed related to the potential listing, Reuters reported, citing a source directly familiar with the matter.

Disagreements between Tata Sons Chairman N Chandrasekaran and Tata Trusts, which owns 66% of the holding company, included a potential listing of Tata Sons, losses at Air India and the planned exit of a minority shareholder.

Last month, Tata Sons said Chandrasekaran would not seek reappointment, adding to uncertainty around the group's future leadership.

Shares of Tata Chemicals TTCH.NS jumped as much as 20% on Tuesday, while Tata Motors Passenger Vehicles TAMO.NS was up about 4%. Shares of Tata Investment TINV.NS advanced 11.5%.

Tata Chemicals, trading at its highest level in roughly 2-1/2 months, holds around 2.5% in Tata Sons, according to ICICI Securities.

The brokerage estimates the stake is worth 100 billion rupees to 150 billion rupees ($1.04 billion to $1.56 billion), close to Tata Chemicals' current market capitalisation, underscoring the potential for significant value unlocking.

ICICI Securities, however, said it expects a "prolonged legal battle", though the stock could remain in positive territory in the near term.

PRIVATELY HELD

The more than a century-old holding company, which had standalone assets totalling 1.75 trillion rupees as of March 2025, has sought to remain privately held.

Tata Sons is classified as a core investment company and is subject to RBI rules for non-bank lenders that require companies with assets exceeding 1 trillion rupees, or those with direct or indirect access to public funds, to be listed.

The company had also faced pressure from its stakeholders to go public, including the second-largest shareholder, Shapoorji Pallonji Group.

Two Tata trustees have supported the listing of Tata Sons in media ​interviews, arguing that expansion into new areas such as semiconductors will require large amounts of capital that cannot be generated internally.

($1 = 95.8600 Indian rupees)

(Reporting by Aishwarya Jain and Vivek Kumar M in Bengaluru; Writing by Abinaya V; Editing by Sonia Cheema and Sherry Jacob-Phillips)

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Sept 1 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LIMITED - DIVESTMENT OF ENTIRE STAKE HELD IN JFSPL

• TATA STEEL LIMITED - DIVESTMENT OF ENTIRE STAKE HELD IN JFSPL

Source text: ID:nRSA7342Sa

Further company coverage: TISC.NS

(([email protected];;))

Aug 28 (Reuters) - Tata Steel Ltd TISC.NS:

• TATA STEEL LIMITED - ACQUISITION OF EQUITY STAKE IN T STEEL HOLDINGS

• TATA STEEL - BUYS USD 140 MILLION EQUITY IN T STEEL HOLDINGS ON AUG 27, 2026

• TATA STEEL LTD - ACQUIRED 162,03,70,371 EQUITY SHARES OF FACE VALUE USD 0.0864 EACH IN TSHP

• TATA STEEL LTD - POST THIS ACQUISITION, TSHP WILL CONTINUE TO BE WHOLLY OWNED SUBSIDIARY OF COMPANY

Source text: ID:nRSb5045Sa

Further company coverage: TISC.NS

(([email protected];))

Aug 18 (Reuters) - Tata Steel Ltd TISC.NS:

• INDIA COMPETITION REGULATOR: APPROVES ACQUISITION OF 23% SHAREHOLDING OF TM INTERNATIONAL LOGISTICS BY TATA STEEL

Source text: [ID:]

Further company coverage: TISC.NS

(([email protected];;))

Writes through with details, adds statements from Jamshedpur and Churchill Brothers

Aug 14 (Reuters) - Tata Steel sold all its stake in Indian Super League side Jamshedpur FC to Goa-based club Churchill Brothers for a token amount of 100 Indian rupees ($1.05) on Friday, two weeks after the conglomerate announced it was pulling out of the ISL.

Twice national league champions Churchill Brothers will take over Jamshedpur's sporting licence to play in the top-flight ISL, and the contracts of 12 players and two coaches, Tata Steel said in a statement.

"We are glad that this agreement gives our players and coaches the opportunity to continue playing club football," D. B. Sundara Ramam, Tata Steel's vice president of corporate services, said in a statement.

Earlier this month, Jamshedpur players issued an emotional plea to the club's owners to reconsider closing down the club, which won the ISL League Winners' Shield in 2021-22 and the domestic Super Cup last year.

In the following days, Jamshedpur fans took to the streets to appeal to the Tata Group, one of India's biggest conglomerates, to keep the club going. But Friday's announcement ended their hopes.

The city of Jamshedpur, in the Eastern state of Jharkhand, has lost its sole top-flight team, with Churchill Brothers based in the soccer-mad state of Goa, nearly 2000 km south.

Jamshedpur are still playing in the Durand Cup, where they will face Mohun Bagan in the quarter-finals on Monday.

TATA EXIT AMID ISL UNCERTAINTIES

Jamshedpur, who entered the ISL in 2017 when the league was backed by Indian conglomerate Reliance, are stepping away less than a year after the All India Football Federation's commercial partnership with Reliance ended.

The ISL has yet to announce this season's fixtures and broadcaster.

"We thank AIFF and Churchill Brothers for their partnership in making this transition a smooth one," Sundara Ramam added.

The AIFF declined to comment.

'BACK WHERE WE BELONG', SAY CHURCHILL BROTHERS

Churchill Brothers, who last played in India's top flight in 2013-14, had hoped to be promoted to the ISL after topping the second-tier I-League in 2024-25, as the AIFF appeals committee ruled that Inter Kashi had forfeited multiple matches for fielding an ineligible player.

But Kashi successfully appealed the decision at the Court of Arbitration for Sport, overturning their points deduction to become champions instead. Churchill Brothers withdrew from the league the following season.

"We had to be back where we belong," the club posted on Instagram. "Our President Churchill Alemao ... never stopped believing. Somehow, he always finds a way.

"While some saw decline, we saw opportunity. While some saw the end, we saw another beginning."

($1 = 95.4250 Indian rupees)

(Reporting by Chiranjit Ojha in Bengaluru; Editing by Ken Ferris)

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By Chandini Monnappa

Aug 13 (Reuters) - For decades, Noel Tata built retail and trading businesses out of the spotlight that followed his half-brother Ratan Tata. Now, as chairman of Tata Trusts, he is set to influence two of the biggest decisions facing the Tata group: who leads it next and whether it ever goes public.

Noel's stewardship of the trusts, influence over Tata Sons' succession process and role in the listing debate could shape the future of one of India's best-known and biggest conglomerates.

Tata Sons, the holding company of the group with a combined market value of around $277 billion, must choose a new leader to succeed Chairman N. Chandrasekaran when his tenure ends in February 2027. Tata Trusts hold great sway over the decision with a controlling stake in Tata Sons.

Long overshadowed by his half-brother Ratan Tata, the public face of the conglomerate for decades, Noel, 68, rose through less prominent corners of the business, building credentials in retail and trading rather than the group's flagship companies.

Though rarely visible publicly, Noel spent years serving on boards across the group. Unlike Ratan Tata, one of India's most recognisable corporate leaders, Noel largely shunned publicity despite his growing influence within the group. He emerged as a central figure only after Ratan's death in October 2024.

Trustees unanimously appointed him as chairman of Tata Trusts and he subsequently joined the Tata Sons board as a non-executive director.

He now occupies one of the most powerful positions in Indian corporate governance.

"The job is to find the most effective allocation of the resources we have, make choices on how to deploy those resources meaningfully, and do what is best for India," he said at an event this month.

"We must serve the purpose for which the founders of the Trusts left their shares – to improve life in India."

SUCCESSION AND LISTING DEBATE

Two issues will shape the future of the 158-year-old conglomerate: the selection of Tata Sons' next chair and whether the privately held company should eventually pursue a public listing.

Tata Sons has faced pressure from minority shareholder Shapoorji Pallonji Group to pursue a public listing, while regulatory requirements could also eventually revive the issue unless the company secures an exemption.

Noel has not made public comments, but media reports said he and other trustees unanimously opposed ​listing last year. He sought clarification from Tata Sons on four to five issues, including the group's business performance, its five-year plan, capital expenditure and the rationale for remaining unlisted, according to a source with direct knowledge of the matter.

With regard to the next chairman, his influence is likely to be decisive. While the Tata Sons board will oversee the selection process, the trusts' control of the holding company means Noel will have a significant say in choosing a leader capable of balancing commercial ambitions with the group's distinctive governance structure. The trusts appoint a third of Tata Sons directors, who hold veto powers over key decisions.

RETAIL AND TRADING BACKGROUND

Noel spent most of his career away from the public eye after graduating from Britain's Sussex University. He built his reputation within the group through retail and trading businesses rather than its flagship steel, IT and auto companies.

He joined Tata International, the group's trading arm, before moving to Trent TREN.NS, then a relatively small retail business. As managing director from 1999, he helped transform Trent into one of India's biggest retail success stories through brands such as Westside and, later, value-fashion chain Zudio.

The success established him as a respected operator within the Tata group and paved the way for broader leadership responsibilities.

"Noel is well versed with how Tata businesses are run. In retail, many people thought how will Tata compete with the big retailers. Noel has shown it," Sanjay Singh, a former Tata Sons executive who retired in 2019, told Reuters in 2024.

Unlike Ratan Tata, he built influence quietly and remained very private, with his office serving as the main conduit for his views and public statements, the source with knowledge of the group said.

In August 2010, Noel became Tata International's managing director. During his tenure, the company's turnover grew to more than $3 billion from roughly $500 million as it expanded across geographies and businesses.

He stepped down as managing director in November 2021 after reaching the group's retirement age for senior executives but remained its non-executive chairman.

He accumulated other boardroom responsibilities across the conglomerate, including chairmanships at Voltas VOLT.NS and Tata Investment Corporation TINV.NS, and vice-chairmanships at Tata Steel TISC.NS and Titan TITN.NS.

"He has kept a low profile so the outer world doesn't know him well, but he is quintessential Tata," Singh said.

(Reporting by Chandini Monnappa in Bengaluru, Jayshree P Upadhyay in Mumbai, additional reporting by Saikeerthi; Editing by Dhanya Skariachan and Elaine Hardcastle)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates throughout to reflect Chandra's statement confirming his resignation.

By Shritama Bose

MUMBAI, Aug 12 (Reuters Breakingviews) - India's $290 billion Tata conglomerate has extended its abysmal record on managing succession. Its leader of nine years, N. Chandrasekaran, resigned on Wednesday ahead of an annual meeting next week where shareholders of the unlisted holding company, Tata Sons, may have ousted him. The exit of the first real outsider to run the 158-year-old group removes a distraction but also raises difficult questions about its future.

A row between Chandra and the charitable trusts that control the salt-to-power conglomerate became public in February over a mandate by the Reserve Bank of India to list Tata Sons. Chandra didn't see eye to eye with Tata Trusts Chair Noel Tata who opposed a listing. That led to a stalemate over his reappointment which made his position untenable.

The recent discord overshadowed Chandra's success in turning around large parts of the group. He deleveraged bloated balance sheets after inheriting serious problems at Tata Steel TISC.NS and Tata Motors TATM.NS. Annualised total shareholder returns from most listed group firms have beaten India's benchmark Nifty 50 stock index .NSEI since he took charge in 2017, prior to news of his departure.

But AI pressures have led to lagging returns at Tata Consultancy Services TCS.NS, the group's industry-leading IT outsourcer where he was previously CEO and which contributes 87% of Tata Sons' $3.4 billion annual dividend income. That will squeeze funds available to plough into unlisted businesses like the group's smartphone making venture with Apple AAPL.O and money-losing Air India, a carrier foisted on Chandra by the late Ratan Tata, former Tata Sons chair and chair emeritus.

Infighting also has delayed decision-making on other leadership issues: it took four months to name a CEO for Air India after Campbell Wilson stepped down in April, while rival IndiGo-owner InterGlobe Aviation INGL.NS replaced its chief within weeks in March. And the spat also has jeopardised the Tatas' philanthropic spending, which relies on dividends paid up through the holding company.

Worst of all, Chandra's departure is uncomfortably reminiscent of the 2016 ouster of his predecessor Cyrus Mistry. Back then, Ratan Tata swooped in as interim chair for four months before handing over to Chandra. His passing in 2024 has left the family's influence over the group in flux and the trusts under greater scrutiny, a test they are not passing with flying colours.

The 5% drop in Tata Consultancy shares on news of Chandra's departure underscores the ripple effect it will have across the group where he also chairs many individual companies. And it signals how the consequences of this second leadership disaster could force a bigger rethink on how the Tata group, with its unusual ownership structure, is managed.

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CONTEXT NEWS

N. Chandrasekaran on August 12 resigned as chair of Tata Sons, the Indian conglomerate's holding company, citing the absence of unanimous support from the board for his re-appointment.

In a personal statement, Chandrasekaran, known as Chandra, said one board member did not support his re-appointment at a February board meeting, noting six months have since passed without a resolution on the matter. Chandra added it is necessary to have a leader in place to run the group beyond February 2027, when his current term as chair ends.

Earlier in the day, The Economic Times, citing unnamed sources, reported Chandra had discussed the possibility of stepping down ahead of an annual general meeting scheduled for August 18 amid uncertainty over his reappointment as a director and tensions with Tata Trusts Chair Noel Tata.

Charitable trusts collectively own nearly two-thirds of Tata Sons. Two of ​them — Sir Ratan Tata Trust and Sir Dorabji Tata Trust — hold a 52% stake between them.

(Editing by Una Galani; Production by Ujjaini Dutta and Aditya Srivastav)

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Rewrites with comments from source, background

By Nishit Navin and Gopika Gopakumar

Aug 6 (Reuters) - The Reserve Bank of India on Thursday kept Tata Sons under enhanced regulatory supervision but said that would not affect the holding company's pending application to surrender its non-banking finance licence, leaving uncertainty over whether it will eventually have to list its shares.

Tata Sons, the principal investment holding company of the $400-billion Tata Group, was first classified as an upper-layer non-banking financial company (NBFC) in 2022. Under RBI rules, such entities are required to list within three years, although the regulator did not clarify whether that requirement applies while Tata Sons' deregistration request remains under review.

To avoid a listing, Tata Sons repaid its debt and applied about two years ago to surrender its NBFC licence. The application is still being considered by the central bank.

A person familiar with the RBI's thinking said the regulator is unlikely to require Tata Sons to list while the application remains pending, even though the three-year timeline has elapsed.

"Technically if you see Tata Sons has to follow all the regulation and if you look at even the listing, RBI will consider it as overdue. Since the application is yet to be disposed of, RBI will not push them to enforce these regulations," said the source familiar with the matter

The RBI and Tata Sons did not immediately respond to a Reuters request for comment. RBI Governor Sanjay Malhotra said on Wednesday that Tata Sons continued to be classified as an upper-layer NBFC because the framework governing such entities was "principle-based".

Upper-layer NBFCs are considered large and systemically important financial institutions and are subject to enhanced regulatory oversight. Tata Sons remains in the category because its asset size exceeds the stipulated 10 trillion rupees ($105 billion) threshold.

The outcome is significant because the Tata Trusts own about 66% of Tata Sons. A public listing could affect funding for the trusts' philanthropic activities and its investments in unlisted businesses, and alter the ownership structure of one of India's largest conglomerates.

Pressure for a listing has also come from Tata Sons' second-largest shareholder, the Shapoorji Pallonji Group, which wants to monetise or exit its holding as it seeks to reduce debt estimated at 5.5 trillion rupees to 6 trillion rupees.

Tata Sons owns Air India, Tata Digital and Tata Electronics, alongside stakes in listed companies including Tata Consultancy Services TCS.NS and Tata Steel TISC.NS.

($1 = 95.2200 Indian rupees)

(Reporting by Nishit Navin and Gopika Gopakumar. Editing by Sonia Cheema and Mark Potter)

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By Neha Arora and Jatindra Dash

NEW DELHI, Aug 4 (Reuters) - India's top iron ore producing state of Odisha has warned steelmakers and miners of strict action over alleged grade manipulation and misdeclaration, according to documents reviewed by Reuters and three sources, a crackdown that analysts say could tighten domestic iron ore supplies.

India, the world's second-largest crude steel producer after China, is expected to produce 340 million to 345 million metric tons of iron ore, the key raw material used in steelmaking, in 2026-27, up from about 316 million tons a year earlier, commodities consultancy BigMint said.

Any disruption to supplies from resource-rich Odisha could scupper those production targets.

The warning follows inspections that "revealed a consistent grade manipulation by the lessees," which include major steel producers, resulting in a "substantial loss" of state revenues, according to a July 6 government document reviewed by Reuters.

The companies named in the July 6 letter included JSW Steel JSTL.NS, Tata Steel TISC.NS, state-run Steel Authority of India (SAIL) SAIL.NS, Jindal Steel JINT.NS and ArcelorMittal Nippon Steel India.

A Tata Steel spokesperson denied any discrepancies, saying it pays royalties as per prescribed norms and that most of its iron ore dispatches are in the highest royalty grade.

JSW declined to comment. SAIL and Jindal Steel did not respond to Reuters' emails seeking comment. Odisha's Directorate of Mines and Geology also did not respond to requests for comment.

Government officials met steel and mining associations and company executives last month to discuss the findings, according to July 13 meeting minutes and a source familiar with the matter.

"Any deliberate grade manipulation, misdeclaration or suppression of mineral value affecting government revenue shall be viewed very seriously and strictly dealt with," the meeting minutes showed.

Odisha's steel and mines department directed lessees to revise mining plans and seek approval from the Indian Bureau of Mines where actual ore grades differ from approved grades, according to the minutes.

Analysts say stricter inspections are already affecting lower grade ore availability.

Offers for lower grade ore have become limited in the merchant market over the past month because of intensified inspections by Odisha authorities, BigMint said.

"Since Odisha is the largest producer of iron ore in the country, if the issue escalates, it might impact the overall availability of iron ore in the country," said B.K. Bhatia, a mining expert and former director general of the Federation of Indian Mineral Industries.

Industry representatives disputed the state's allegations.

"Industry has raised concerns that the grades extracted are as per the geology and that is not under anyone's control," one industry representative said, declining to be identified because they were not authorised to speak to the media.

(Reporting by Neha Arora in New Delhi and Jatindra Dash in Bhubaneswar; Additional reporting by Arpan Chaturvedi in New Delhi; Editing by Mayank Bhardwaj and Saad Sayeed)

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Tata Steel's board approved a 4.8 million-tonne steelmaking expansion at its Neelachal Ispat Nigam unit with an estimated capital outlay of ₹33,873 crore. The project will deepen the company's presence in the long products retail segment, where its branded products enjoy strong demand. The decision comes after the board gave in-principle approval to the expansion in December 2025, and as the company progresses the amalgamation of NINL into Tata Steel. Tata Steel's Indian operations, which delivered record deliveries of around 22.5 million tonnes in FY26, remain the core profit engine of the group. The board also approved the June quarter standalone financial results, reporting revenue of ₹36,896 crore and a net profit of ₹4,536 crore.

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Tata Steel's board approved the financial results for the quarter ended June 2026 and sanctioned a 4.8 million tonne per annum steelmaking capacity expansion at Neelachal Ispat Nigam Limited at an estimated cost of ₹33,873 crore. The expansion had been under consideration since the board granted in-principle approval in December 2025 and is part of a larger push to increase domestic long products supply for the retail market. The project will be executed as NINL proceeds with its amalgamation into Tata Steel. Tata Steel reported consolidated EBITDA of ₹34,848 crore on revenue of ₹2,32,140 crore for the financial year ended March 2026, with record deliveries of around 22.5 million tonnes and net debt reduced to ₹80,144 crore.

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Tata Steel's massive tax dispute relating to assessment year 2019-20 has been restored for hearing by the Bombay High Court on August 19, after the Supreme Court set aside favourable precedents and remanded such cases back to the high courts. The case stems from a ₹25,185 crore loan waiver that the tax department treated as taxable income, leading to a reassessment order. The company had won an earlier round on technical grounds, but a retrospective amendment in the Finance Act 2026 undid that advantage, forcing the matter back before the high court. Tata Steel now intends to amend its writ petition to challenge the constitutional validity of the amendment itself. The tax authorities have been directed to file a counter affidavit, and the company maintains it has a strong case on merits.

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July 21 (Reuters) -

• INDIA'S TATA STEEL TO INVEST 1.65 BILLION RUPEES TO SET UP 5 MTPA RAILWAY SIDING IN ODISHA STATE - GOVERNMENT STATEMENT

Further company coverage: TISC.NS

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** Shares of India's Tata Steel TISC.NS fall 2.23% to 186.75 rupees

** Co on Friday said Dutch Public Prosecution Office has summoned Tata Steel's Netherlands unit for suspected criminal offences over alleged pollution at coke and gas plants

** Co said decision to prosecute was for "allowing undercooked coke to occur" and for not reporting this in timely manner; considers allegations "fundamentally to be unjustified"

** TISC on avg rated "hold" by 34 analysts; median PT is 229.50 rupees - data compiled by LSEG

** Stock up 4% YTD

(Reporting by Abhirami G in Bengaluru)

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