Summary:
- Tata Sons and Tata Trusts formed a $58 million welfare trust for victims of the June 12 Air India crash, contributing $29 million each.
- Tata Sons, established in 1917 and registered in Mumbai, is the Tata Group’s holding company; Tata Trusts collectively own 66 percent of it.
- Tata Sons reacquired 100 percent of Air India in January 2022 through its subsidiary Talace Pvt Ltd.
TATA SONS ESTABLISHED a $58 million, or Rs 500 crore, welfare trust for victims of the June 12 Air India crash. The AI-171 Memorial and Welfare Trust is registered in Mumbai.
The Air India flight from Ahmedabad to London crashed shortly after takeoff, killing 260 people, including 19 on the ground. A preliminary report by the Aircraft Accident Investigation Bureau found that fuel supply to the engines was cut off. A crane is removing the tail section from the wreckage.
Tata Sons and Tata Trusts have each committed $29 million or Rs 250 crore to the trust, Tata said in a statement. The fund will provide $116,100, or Rs 1 crore, as ex gratia to the families of those who died. It also will support medical treatment for the injured and reconstruction of the B.J. Medical College Hostel, which was damaged in the crash.
The trust will be managed by a five-member board of trustees. The first two appointees are S. Padmanabhan, a former Tata executive and Sidharth Sharma, General Counsel at Tata Sons. Additional trustees will be appointed. The trust will begin operations after registration with tax authorities and completion of other formalities.
Air India was founded by J.R.D. Tata and began operations on Oct. 15, 1932. The Government of India nationalised it in March 1953, taking full ownership from Tata Sons. In January 2022, Tata Sons reacquired 100 percent of Air India through its subsidiary Talace Pvt Ltd.
Tata Sons Pvt Ltd., established in 1917 and registered in Mumbai, is the holding company of the Tata Group. It holds stakes in all group companies and owns the Tata trademarks. Tata-branded companies operate under the Brand Equity and Business Promotion Agreement, which requires adherence to the Tata Code of Conduct and Tata Business Excellence Model.
Tata Trusts, endowed by Tata family members, collectively own 66 percent of Tata Sons. The largest trusts include the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. Tata Trusts appoint one-third of the Tata Sons board and hold significant governance influence. Noel Tata was appointed chairman of Tata Trusts in October 2024 and joined the Tata Sons board in November 2024.
Tata Group companies employed more than 1 million people in 2023–24 and recorded total revenue of $165 billion. As of March 31, 2024, the 26 listed Tata companies had a combined market valuation of $365 billion, according to the group’s website.
N. Chandrasekaran has served as chairman of Tata Sons and Tata Group since January 2017.
