In 2012, when Ratan Tata decided to step down as the Chairman of Tata Sons, one name quietly rose to the surface: Noel Tata. Soft spoken, extremely private, and long associated with the group’s retail ventures, Noel seemed to be the obvious candidate. Yet, the board chose Cyrus Mistry. Four years on, a whole drama ensued that ended with Mistry being removed. Speculation again circled back to Noel. And like the previous time, Noel was probably passed over again. The role ultimately went to TCS chief N Chandrasekaran.
In short, two unusually quick succession cycles passed without Noel getting the nod.
It would take the passing of Ratan Tata in 2024 for Noel, now 68, to finally move into a position of real authority as Chairman of Tata Trusts, the body that effectively controls Tata Sons. In many ways, he became the Tata who arrived third, but arrived at the moment it mattered most.
Today, he stands at the centre of the institution that shapes the future of 29 listed Tata companies and several unlisted entities. Noel Tata’s story is that of a slow and consistent career spent steering Trent, guiding boardrooms, and building two of India’s most successful homegrown fashion brands.
The architect of Trent
Long before Tata Trusts came into view, Noel’s career grew through the world of retail. An economics graduate from Sussex University with an executive programme from INSEAD, Noel entered the corporate world outside the Tata fold at Nestlé in the UK, before returning to join Tata International, the group’s trading arm.
After being promoted to the senior general manager position at Tata International, Noel Tata moved to Lakme Exports in 1998. Now, Lakme’s story is another interesting peg. Under the leadership of Noel’s mother, Simone Tata, Lakme became a household name.
After liberalisation in India, HUL and Lakme Ltd formed a 50:50 joint venture under the name of Lakme Unilever Limited in 1996. In 1998, Lakme Ltd sold its brands to HUL and divested its 50% in the joint venture for Rs 200 crore. Lakme decided to transition from the cosmetics business to apparel retail, as India did not have many established brands in the category of retail.
This company was later renamed as Trent Limited. In 1999, Noel Tata, then Managing Director of Trent, first major success was when he reworked an underperforming Littlewoods store in Bangalore into Westside, a brand that would become a cornerstone of modern Indian fashion retail.
As per the financials available on Screener, in 2015-16, Trent’s revenues were Rs 1,686 crore and profit after tax came out to be Rs 55 crore. Cut to the present, Trent’s revenues in 2024-25 were Rs 17,135 crore, with the profit after tax being Rs 1,534 crore. Within a decade, the company had seen 10x growth in income and a 27x growth in profits.
During this same time period, Trent’s market capitalisation increased 27x to Rs 1.5 lac crores. At its peak, the company was valued at just under Rs 3 lac crores.
While Westside did play a role in these explosive numbers and value creation, the more significant trigger came from an innovative idea from within Trent.
The Zudio revolution: How low prices built high value
This idea, perhaps, will be the most defining chapter of Noel’s retail legacy. It was the launch of Zudio in 2016.
Designed as a value-fashion brand, Zudio operated on rapid inventory cycles, low price points and relentless operational efficiency. With products largely priced under Rs 1,000 and new styles arriving every few weeks, customers were hooked. Think Zara for the Indian masses.
Even as the competition was figuring out what Noel and Trent were up to, Zudio expanded aggressively into smaller cities. Places like Jharsuguda, Dimapur and Imphal. By 2024, Zudio had overtaken Westside in both store count and revenue. Zudio was now contributing more than a third of Trent’s overall earnings. In FY25, Westside had 248 operating stores, whereas Zudio stood at 765, as per the latest annual report on Trent’s website.
Noel’s retail journey may have peaked with Westside and Zudio. But by then, he was already onto new things.
Noel’s reach now extends beyond Trent. He held board positions at Titan, Voltas, and Tata Steel, becoming Vice Chairman of Titan in 2018 and of Tata Steel in 2022. He is also the Non-Executive Chairman of Voltas. He chairs Tata Investment Corporation, a group holding company, reinforcing his role as a stabilising figure in the group’s governance structure.
All through this remarkable journey, Noel has maintained a deeply understated persona. He is known for being approachable and open to discussion, even with junior executives.
A family tied to two power centres
Noel’s personal life sits at the intersection of two influential business families. He is the stepbrother of Ratan Tata. Noel’s marriage to Aloo Mistry, daughter of the late Pallonji Shapoorji Mistry, links him to the Shapoorji Pallonji Group, historically Tata Sons’ single largest minority shareholder.
Despite the upheaval caused by Cyrus Mistry’s removal as Tata Sons chairman, the relationship between the families, as per reports, never fractured entirely; Aloo remained close to Ratan, helping keep channels intact during turbulent years.
Their children, Neville, Maya and Leah, are gradually entering the Trust’s ecosystem, with Neville appointed as a trustee of the Sir Dorabji Tata Trust in 2025.
What control now looks like
If Ratan Tata’s early battles were against powerful satraps running various Tata companies like personal fiefdoms, Noel’s test has come from within the Tata Trusts itself.
Soon after taking charge, he found himself locked in a quiet but intense power struggle with Mehli Mistry, Ratan Tata’s long-time confidant, backed by figures such as Darius Khambata, Pramit Jhaveri and Jehangir HC Jehangir, while Noel was supported by Vijay Singh and Venu Srinivasan.
Tensions peaked when the Mehli-led bloc opposed extending Vijay Singh’s term as nominee director and pushed for Mehli’s own inclusion on the Tata Sons board, a move Noel resisted. When Mehli’s term as trustee came up for renewal on 28 October 2025, it was voted down, and his subsequent resignation a week later marked the end of the standoff and the first clear assertion of Noel’s authority as chairman.
With Mehli’s exit signalling the end of tensions, Noel now sits at the apex of the institution and could effectively shape the future of the Tata Group for decades to come; armed with a 66% stake in Tata Sons, authority to nominate directors across the 29 listed companies, and an expanding pipeline of next-generation family trustees are some of the responsibilities. From healthcare to education to rural development, the Trusts influence far more than corporate decisions, a weight Noel must now carry.
A moment that took decades
Twice passed over for the Tata Sons chair, Noel built his career outside the flashpoints of succession. Instead, he built Westside, launched Zudio, and stabilised Trent into a retail powerhouse. Now, after years of staying on the periphery of group leadership, he has become central to its most powerful institution.
For a man who waited longer than most, the moment of responsibility has finally arrived, not at the company he was once expected to lead, but at the institution that decides who leads it.
