Noel writes to Tata Sons to take biz recast, SP Group’s funding plea at Nov 26 meet

Noel Tata has written to Tata Sons to discuss a business reorganisation plan and a potential part-exit by the SP Group to raise Rs 25,000 crore at the upcoming board meeting on November 26. Noel, who chairs Tata Trusts, addressed two separate letters to Tata Sons secretary Suprakash Mukhopadhyay, as he is a board member. He seeks a discussion and a vote on the reorganisation plan, which aims to merge Tata Electronic Systems and Tata Consulting Engineers into Tata Sons Private Limited.

This reorganisation could help avoid listing the group's holding company, which is considered a core investment company by the RBI and not an operational one. The letter also requests information on the progress of a proposal from SP Group for a part-exit, with a request for details on the evaluation and a draft resolution in the annexure.