Mumbai: The Shapoor Pallonji Group has once again weighed in on the matter of the Tata Sons listing, making the most of the disorder created after two vice chairmen of Tata Trusts broke ranks this week to back a public-market debut for the holding company of the diversified Tata Group.
“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. One that will reinforce corporate governance, deepen transparency and accountability,” Shapoor Mistry, chair of the SP Group, said in a statement on Friday.
The SP Group is the largest minority shareholder of Tata Sons, with an 18.37% stake. A listing of Tata Sons could help the Mumbai-based engineering and real estate group reduce its estimated ₹55,000-60,000 crore of debt.
Mistry’s comments come after Venu Srinivasan and Vijay Singh, both vice chairmen of Tata Trusts, called for a listing of Tata Sons in separate interviews to the Economic Times and the Indian Express earlier this week. Tata Trusts is an umbrella entity comprising 15 philanthropic entities that together own two-thirds Tata Sons shares.
In July 2025, Tata Trusts, led by chairman Noel Tata, directed Tata Sons chairman Natarajan Chandrasekaran to explore all possible options to ensure that the holding company of the Tata Group remained private. Significantly, the Tata Trusts also asked Chandrasekaran to continue discussions with the Shapoorji Pallonji Group to facilitate an exit for the largest minority shareholder.
Regulatory tussle
The matter of listing Tata Sons arises as part of a scale-based regulatory framework introduced by the Reserve Bank of India in October 2022. The framework categorized non-banking financial companies (NBFC) into four layers—base, middle, upper, and top—based on size, activity, and perceived risk. Under this framework, Tata Sons was classified as an upper-layer NBFC due to its significant borrowings and its heavy investments in group companies. But Tata Sons missed the 30 September 2025 deadline to get itself listed, as stipulated by the banking regulator.
So far, the company has failed to make an evidence-based case to remain private, Mistry said on Friday. A listing of Tata Sons was in the interest of the public, as it would strengthen board accountability and broaden the investor base, he said. It would also unlock value for millions of retail shareholders, create a more defined and robust dividend stream for the Tata Trusts, and expand the social and philanthropic impact that benefits the poorest sections of the country, he added. “We repose full faith in the government of India and the Reserve Bank of India to act decisively,” Mistry said.
The reclusive SP Group chief had similarly broken character to publicly call for a listing of Tata Sons after the company missed the 30 September 2025 listing deadline.
Tata Sons did not immediately respond to Mint’s request for comment.
