The comments come at a time when ruptures at the top echelons of the country's largest conglomerate are out in the open | Image: Bloomberg
Tata Trusts Chairman Noel Tata on Saturday said that listing Tata Sons will "fundamentally change" the over 150-year-old group's way of working and stressed that its largest owner will play a "constructive role" in engaging with the regulators to retain the conglomerate's unlisted character.
Speaking at the Hindustan Times Leadership Summit here, Noel said while "some people" are proposing a listing for the group's holding company, he fears that enlarging the number of shareholders after a listing will shift its focus to profits from philanthropy.
"My worry is that listing, which is what some people are proposing, will change the Tata way. And one day, if we have 30,000-40,000 shareholders, profit may take precedence over philanthropy. And I think that will fundamentally change the Tata way of working," Noel, who turned 70 on Friday, was quoted as saying.
"Tata Trusts will play a constructive role with regulators and others to try and find a solution which keeps the Tata way the way it is," he added.