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 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 shareholder of Tata Sons, with an 18.37% stake. A listing of Tata Sons could help the Mumbai-based engineering and real estate group de-lever some of its estimated debt burden of ₹55,000-60,000 crore.
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 this week. Tata Trusts is an umbrella entity that comprises 15 philanthropic entities which together own two-thirds of the shares of Tata Sons.
In July last year, 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 remains 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.
The matter of listing Tata Sons arises as part of a scale-based regulatory framework introduced in October 2022 by the Reserve Bank of India. The framework categorized non-banking financial companies (NBFC) into four layers—base layer, middle layer, upper layer, and top layer—based on size, activity, and perceived risk. Under this framework, Tata Sons was classified as an upper layer non-banking financial company (NBFC-UL) due to its significant borrowings and its heavy investments in group companies.
Tata Sons missed the 30 September 2025 deadline to get listed as stipulated by the banking regulator.
So far, the company has failed to make an evidence-based case to remain private, Mistry said in his statement 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. A listing will 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 said.
“We repose full faith in the Government of India and the Reserve Bank of India to act decisively,” Mistry said to end his statement.
The reclusive SP Group had similarly broken character earlier to publicly call for a listing of Tata Sons after the company missed the 30 September 2025 deadline.
Tata Sons did not immediately offer a comment.