The Reserve Bank of India rejected Tata Sons’ application to surrender its Core Investment Company registration, effectively forcing the conglomerate toward a public listing. In September 2022, Tata Sons had been classified as an upper-layer non-banking financial company, a designation subject to a mandatory stock market listing within three years. Despite Tata Sons becoming debt-free by March 2024, the RBI found that its standalone assets of approximately Rs 2.01 lakh crore as of March 31, 2026 far exceeded the upper-layer classification threshold. Tata Trusts, which controls around 66% of Tata Sons, opposes the listing due to concerns about the group’s charitable mission, while the Shapoorji Pallonji Group, holding roughly 18%, supports it for liquidity purposes. Experts suggest the IPO process could unfold within three to six months of the RBI’s ruling.
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