Tata Trusts proposes merger to keep Tata Sons private and avoid stock market listing in India

In India, Tata Trusts, the majority shareholder of Tata Sons, proposed on Monday to merge two unlisted units into the holding company to avoid a mandatory stock market listing. The proposal, which requires approval from the central bank and the Tata Sons board, comes after the RBI classified Tata Sons as an Upper Layer NBFC. The move is part of a power struggle between Noel Tata and chairman Natarajan Chandrasekaran, following a board meeting where Chandrasekaran was reappointed despite objections.