Will Tata Sons stay private? How an RBI decision has revived the IPO debate

['George Mathew', 'George Mathew Is An Associate Editor With The Indian Express', 'Based In Mumbai. A Veteran Of Financial Journalism With Nearly Three Decades Of Experience', 'He Is One Of The Country S Most Authoritative Voices On Banking', 'Regulation', 'The Corporate Sector. Expertise', 'Focus Areas Mathew S Reporting Covers The Nerve Center Of India S Economy. His Specialized Beats Include', 'The Reserve Bank Of India', 'Rbi', "He Has Tracked The Central Bank'S Policy Evolution Through The Tenures Of Multiple Governors"] The Indian Express 2026-08-08 03:00:04

Tata Trusts Chairman Noel Tata had raised questions about the losses made by subsidiaries in a board meeting last year. Why Tata Sons’ deregistration application could hold the keyThe central issue is no longer whether Tata Sons qualifies as an Upper Layer NBFC. If RBI rejects the application, Tata Sons would certainly have to proceed towards an IPO and become a listed company. Tata Trusts, which owns about 66% of Tata Sons, is no longer unanimous on the issue. As much as Rs 2,953 crore will go to Tata Trusts due to its 66% stake in Tata Sons.