MUMBAI, Dec 6: Former Tata Group director Simone Tata had transferred ownership of her assets, including Tata Sons shares, to her son Noel Tata, sources familiar with the matter said. The transfer, which took place several years ago, increased Noel’s stake in Tata Sons to 1%, making him the largest Tata family shareholder in the holding company of the $180-billion conglomerate.
Noel now holds 4,058 Tata Sons shares, up from 2,055 shares previously. His late half-brother Ratan Tata had held 3,368 shares (0.83%), which he bequeathed to his foundations the Ratan Tata Endowment Foundation and Ratan Tata Endowment Trust (RTET) — in a 70:30 ratio. Noel, who serves as a director of Tata Sons, is also a trustee of RTET. Another half-brother, Jimmy Tata, owns 3,262 shares (0.81%).
Other extended Tata family members, including Piloo Tata and her children Jimmy Tata (HDFC Bank chief credit officer) and Vera Choksey, collectively hold 801 shares in Tata Sons.
The shares held by Simone, Noel, Ratan, and Jimmy were inherited from Naval Tata. Ratan and Jimmy were children from Naval’s first marriage, while Noel was his third son with Simone. Over time, Ratan Tata slightly increased his stake by purchasing shares from retiring directors such as Freddie Mehta, Homi Sethna, and Darbari Seth.
Of the 2,011 shares originally held by Simone, she transferred 2,003 shares to Noel. It remains unclear whether the remaining eight shares are still under her name or have been gifted to Noel’s three children. A tax expert noted, “Gifts to blood relatives, either during the donor’s lifetime or through a will, are exempt from capital gains tax.”
Beyond Tata Sons shares, Simone’s estates in Geneva and Mumbai were also gifted to Noel and his family. She had purchased a 3,000 sq ft apartment in Bakhtawar, Colaba, Mumbai, after the Tata family sold Tata House to Deutsche Bank in 1992. Noel also owns an apartment in the same building.