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Tata Trusts proposes rejig to keep Tata Sons unlisted, avoid RBI listing mandate

Tata Trusts has proposed merging two operating companies with the group's holding company in a restructuring aim that allow Tata Sons to function as a non-banking financial company and a core investment company and remove the need for a stock market listing. The proposal involves merging Tata Electronics Systems Solutions Pvt Ltd (TESS) and Tata Consulting Engineers (TCE) with Tata Sons. The Trusts have asked the Tata Sons board to consider the plan and seek a prior no-objection certificate from the Reserve Bank of India.