Shapoorji Pallonji Group chairman Shapoorji Pallonji Mistry has backed a potential public listing of Tata Sons, calling it a “social and moral imperative” and welcoming the Reserve Bank of India’s decision requiring the holding company to comply with listing-related regulations. Tata Sons’ application to surrender its registration as an upper-layer NBFC was rejected by the RBI, leaving the company to pursue the prescribed regulatory route.
Mistry said a public listing could improve transparency and accountability while helping strengthen governance across the Tata institution. He argued that the move should not be viewed as a contest between shareholders but as an opportunity to build greater cooperation between Tata Sons, Tata Trusts and other stakeholders.
The Shapoorji Pallonji Group, which holds about 18.4% of Tata Sons, is its second-largest shareholder. The group has also proposed monetising part of its stake, with Tata Trusts recently presenting a plan involving a potential sale of shares over 18 months.
Mistry said the two groups share a relationship spanning more than a century and expressed willingness to deepen engagement with Tata Sons and Tata Trusts. He also said a publicly accountable Tata Sons could provide greater visibility to investors, support philanthropic objectives and strengthen the institution’s role as Tata expands into areas such as semiconductors, advanced manufacturing, aviation, defence, AI, digital technology and energy.
He urged stakeholders to ensure that the listing process does not become a source of division, saying the focus should remain on cooperation, accountability and the long-term institutional future of the Tata Group.
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