Tata Sons Listing: Noel Tata To Meet RBI Before Month-End, Seek Unlisted Status, Says Report

Noel Tata is reportedly planning to lead discussions with the RBI over Tata Sons' unlisted status, with the company’s request to deregister as an NBFC still awaiting approval.

The proposed engagement comes after the RBI had indicated that retaining Tata Sons as an unlisted company would require consensus within the Tata group.

Source : Alexahire

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Key points generated by AI, verified by newsroom

• Noel Tata meets RBI, wants Tata Sons unlisted.
• RBI classified Tata Sons as NBFC, requiring listing.
• Tata Sons repaid debt, sought NBFC deregistration.

Noel Tata, chairman of Tata Trusts, is reportedly set to meet officials of the Reserve Bank of India (RBI) before the end of August, with the proposed discussions expected to focus on Tata Sons retaining its status as an unlisted company.

The development was reported by Moneycontrol, citing people familiar with the matter.

The meeting assumes significance as it would be Noel Tata's first engagement with the central bank on the listing issue since Tata Sons chairman N Chandrasekaran announced on August 12 that he would step down from the position in February next year.

Tata Trusts represents the majority shareholding in privately held Tata Sons.

Noel Tata To Lead Tata Sons' Talks With RBI

According to the report, Tata Sons officials and some members of its board have so far been involved in discussions with the regulator over the company's listing status.

Noel Tata is now expected to take the lead in those discussions and represent Tata Sons on the issue in his capacity as a board member, the people said.

Citing a person familiar with the matter, the news organisation reported that Noel Tata is keen to retain Tata Sons as an unlisted entity and wants the uncertainty surrounding the company's listing status resolved soon.

“Noel Tata wants the uncertainties on listing to be put to rest soon,” the person said.

The proposed engagement comes after the RBI had indicated that retaining Tata Sons as an unlisted company would require consensus within the Tata group.

Why Tata Sons' Listing Is An Issue

The RBI classified Tata Sons as an upper-layer non-banking financial company (NBFC) in 2022. Under the regulatory framework, companies in this category were required to list within three years.

Tata Sons' deadline for listing expired in September last year.

However, the company has since taken steps that could affect its regulatory classification. Tata Sons has repaid all its external debt, primarily borrowings from banks, and has undertaken not to take on fresh debt that could subsequently be lent to group companies.

It has also assured the RBI that it will not provide guarantees for group companies' borrowings in return for a fee. 

Tata Sons Seeks Deregistration As NBFC

A separate request by Tata Sons could potentially remove the listing requirement altogether.

In December 2024, the company submitted a written undertaking to the RBI that it would not undertake activities that could amount to providing financial services. Alongside the undertaking, Tata Sons sought de-recognition of its status as a non-bank entity under the core investment company (CIC) framework.

The application is still awaiting the RBI's approval.

If the central bank agrees to Tata Sons' request to deregister as an NBFC, the requirement for the company to list would also fall away.

SP Group Stake May Feature In RBI Talks

The proposed meeting may also bring up the Shapoorji Pallonji (SP) Group's stake in Tata Sons, although discussions around a potential exit are still at an early stage, according to a person familiar with the developments.

The SP Group owns around 18 per cent of Tata Sons and has been looking for a way to unlock liquidity, including through a possible IPO or buyback.

The group's debt stood at around Rs 60,000 crore as of March 31, 2026, according to the information provided.

With Chandrasekaran due to leave the chairman's position early next year and a new leadership team likely to be put in place, Noel Tata is seeking to resolve the three-year-old listing issue, the report said.