“This group, founded on trust, integrity, and public purpose, will be further strengthened through adherence to the RBI-mandated listing. While we continue to engage constructively with the leadership of Tata Sons for an amicable resolution as soon as possible, we look to the Reserve Bank of India for a definitive direction regarding the listing,” stated Shapoorji Pallonji Mistry, Chairman of the Shapoorji Pallonji Group.
Currently, Tata Sons is regarded as an upper-layer NBFC and is obligated to be listed according to the RBI’s existing directives, from which Tata Sons has requested an exemption.
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Mistry further explained that the listing would bring value to the group. “A listing will unlock value for millions of retail shareholders, create a more structured and substantial dividend stream for the Tata Trusts, and enhance the social and philanthropic contributions that aid the most disadvantaged segments of our society,” he noted.
For Shapoorji Pallonji Group, withdrawing from Tata Sons would provide some relief, as the group currently bears a debt exceeding ₹55,000 crore.
This development arrives just weeks before the Reserve Bank of India is set to declare its decision regarding the Tata Sons listing. “We are preparing a new framework for NBFCs soon. This will include a new categorization for NBFCs into upper, middle, and lower tiers,” RBI Governor Sanjay Malhotra mentioned earlier this week.
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Sources indicate that Tata Sons, which oversees the $150 billion Tata Group, may receive a waiver from the initial public offering (IPO). CNBC-TV18 has learned that the Reserve Bank of India (RBI) has narrowed down to two options for granting the waiver. “It is being considered whether to allow an exemption for front-facing NBFCs from listing or to classify them as non-NBFCs,” stated an anonymous source familiar with the matter.
If granted an exemption, they would still be recognized as NBFCs but would not be required to list. In the second scenario, they would no longer be classified as NBFCs.
CNBC-TV18 reached out to Tata Sons, but the group had no response at the time of this report.
Earlier in 2025, all trustees of the Tata Trust unanimously passed a resolution declaring that Tata Sons should remain a private entity.
Notably, Tata Sons has reduced its debt — repaying over ₹30,000 crore between March 2023 and March 2024 — and has applied to relinquish its NBFC license to avoid a mandatory listing deadline imposed by the RBI.
Tata Sons Private Ltd recorded a consolidated balance sheet of ₹9.7 lakh crore by the end of March 2025 and reported a consolidated net profit of ₹41,000 crore.
