Noel Tata has been appointed as the chairman of Tata Trusts, taking over the reins after the death of Ratan Tata.

What Happened: Tata Trusts announced on Friday that Noel Tata will take over as chairman with immediate effect, following the demise of Ratan Tata earlier this week.

Noel Tata, expressing his gratitude to the trustees, pledged to continue the legacy of Ratan Tata and the founders of the Tata Group. He underscored the Trusts’ role in social good and nation-building.

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The trustees of the various trusts under the Tata Trusts umbrella met in Mumbai on Friday, unanimously deciding to appoint Noel Tata as the chairman. Noel, 67, previously served as a board member of the Sir Dorabji Tata Trust and Sir Ratan Tata Trust, the two most influential entities under the Tata Trusts, which hold over 50% of the shareholding in Tata Sons.

Ahead of the official announcement, share prices of companies linked to Noel Tata, including Voltas, Trent, Tata Investment Corporation, Tata Steel, and Titan surged on Friday.

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Image Credit: Tata Sons