Shapoorji Pallonji Group’s Shapoor Mistry calls for Tata Sons listing after vice-chairmen of Tata Trusts support public market debut.
Mumbai: The Shapoorji Pallonji Group has renewed its call for the listing of Tata Sons, responding to recent divisions within Tata Trusts. Two vice-chairmen of Tata Trusts have publicly endorsed the idea of a public offering for the holding company of the Tata Group, leading to significant attention on the issue.
Shapoor Mistry, the chair of the Shapoorji Pallonji Group, stated, “As I have stated earlier, we would like to reiterate that a timely listing of Tata Sons is not merely a regulatory compliance but a necessary evolution.” This position aims to enhance corporate governance and promote transparency and accountability within the company.
The Shapoorji Pallonji Group currently holds an 18.37% stake in Tata Sons, making it the largest minority shareholder. A public listing could provide crucial financial relief to the Shapoorji Pallonji Group, which faces estimated debts ranging from ₹55,000 to ₹60,000 crore.
These remarks come after Venu Srinivasan and Vijay Singh, vice-chairmen at Tata Trusts, publicly advocated for a listing in interviews with The Economic Times and the Indian Express earlier this week. Tata Trusts is a collective of 15 philanthropic entities that together own two-thirds of Tata Sons.
In July 2025, Tata Trusts, which is overseen by chairman Noel Tata, instructed Tata Sons chairman Natarajan Chandrasekaran to examine all options ensuring that Tata Sons remains private. The Trusts also urged sustained dialogues with the Shapoorji Pallonji Group to facilitate the exit of this major minority stakeholder.
The push for Tata Sons to go public aligns with a scale-based regulatory framework introduced by the Reserve Bank of India (RBI) in October 2021. This framework categorises non-banking financial companies (NBFCs) based on size and perceived risks. In September 2022, Tata Sons was classified as an upper-layer NBFC, owing to its substantial borrowings and significant investments. A listing on the stock exchange would also help Tata Sons meet its obligations under the RBI’s new regulations, as it missed the deadline of 30 September 2025 to secure a listing.
Reports indicate that Tata Sons voluntarily surrendered its registration certificate with the RBI in 2024, yet it still appears on the central bank’s classification of upper-layer NBFCs released last Friday. According to the RBI’s updated criteria, NBFCs with assets exceeding ₹1 trillion will be classified under its new framework. As of March 2025, Tata Sons reported standalone assets totalling ₹1,75,356.6 crore.
Mistry contended that the case for keeping Tata Sons private has not been substantiated with solid evidence. He added that a public listing would enhance board accountability, broaden the investor base, and unlock value for millions of retail shareholders. It is also expected to generate a more predictable dividend stream for the Tata Trusts, benefitting social and philanthropic initiatives aimed at supporting the most disadvantaged sectors of society.
“We repose full faith in the government of India and the Reserve Bank of India to act decisively,” he remarked. Mistry’s strong expression for a listing came into the spotlight again after Tata Sons missed the regulatory deadline, suggesting heightened pressure for change. Tata Sons has not yet commented on the recent discussions or Mistry’s statements. Further commentary from the company’s representatives is awaited as stakeholders assess the evolving situation within the Tata Group’s leadership and its financial implications.
