Shapoor Mistry Backs Tata Sons Listing, Calls It a Social Imperative
Shapoor Mistry has backed Tata Sons’ potential listing after the RBI rejected its request to surrender its NBFC registration.
Shapoorji Pallonji Group Chairman Shapoor Mistry has backed the Reserve Bank of India’s decision requiring Tata Sons to comply with regulations applicable to upper-layer NBFCs, saying it provides a clear route towards the holding company’s potential public listing. The RBI recently rejected Tata Sons’ request to surrender its registration, keeping the company within the regulatory framework that includes listing requirements.
Mistry said he viewed the development as an opportunity to strengthen transparency, accountability and governance at Tata Sons. He argued that a public listing should be seen as more than a financial or regulatory requirement and described it as a “social and moral imperative”.
According to Mistry, listing could create greater visibility for shareholders, strengthen public accountability and support the philanthropic objectives associated with the Tata legacy. He also said it could provide a framework for closer cooperation between Tata Sons, Tata Trusts and other stakeholders.
The Shapoorji Pallonji Group owns about 18.4% of Tata Sons, making it the company’s largest minority shareholder. Tata Trusts, which hold roughly 66%, have taken a different position and have favoured keeping Tata Sons private.
Mistry also pointed to the century-old relationship between the Tata and Shapoorji Pallonji groups, saying he wanted the current differences to lead to greater engagement rather than division.
He highlighted Tata Sons’ growing involvement in sectors including semiconductors, artificial intelligence, aviation, defence, advanced manufacturing and energy. Mistry said a publicly accountable holding company could combine these businesses with the Tata group’s long-standing philanthropic role.
