Noel Tata announces exit as Voltas chairman at company's AGM

Tata Group veteran Noel Tata on Tuesday announced that he will step down as Chairman of Voltas, nearly a week after making a similar announcement at Trent. He informed shareholders about his decision during the cooling products maker's 72nd annual general meeting (AGM), saying it would be his final AGM as Chairman.

"As you might be aware, this will be my last annual general meeting as Chairman," Noel Tata told shareholders.

Tata said Voltas has built its next generation of leadership through internal promotions and lateral hiring. He expressed confidence that the company's management is well prepared to lead future growth across its businesses.


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"The company has developed our next generation of leaders, from both in-house promotions and lateral hires. I am confident that with the close cooperation of seasoned practitioners and new talent, your company will continue to take big strides in all business segments," he said.

He thanked shareholders, employees and business partners for their support during his tenure and said he was satisfied with the company's current position and growth.

"I would like to sincerely thank all our shareholders, colleagues and partners for your trust, understanding and constant support over the years," he said.

Noel Tata joined the Voltas board on January 27, 2003. He became the company's Non-Executive Chairman on September 1, 2017, after succeeding Ishaat Hussain.

On June 23, while addressing shareholders at Trent's annual meeting, Tata had also announced that he would step down as Chairman of the retail company.

Tata, who is also Chairman of Tata Trusts, the largest shareholder of Tata Sons, will turn 70 in November this year. Under the Companies Act, 2013, a Managing Director or Whole-Time Director cannot be appointed or continue in office after the age of 70 unless the required approvals are obtained. Tata has served the Tata Group for 40 years.

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Speaking about the company's performance, Tata said Voltas entered the current financial year on a strong note. He said its room air-conditioner business crossed sales of one million units in a record 81 days.

"I have great satisfaction that Voltas stands strong today, having entered the new financial year on a strong note. Our room air conditioning business crossed the milestone of 1 million units in a record 81 days, reaffirming its undisputed market leadership," he said.

He also thanked employees and the company's joint venture partners for their contribution to Voltas' growth.

Apart from Tata Trusts, Noel Tata currently serves as Non-Executive Chairman of Trent, Tata Investment Corporation, Tata International, Trent Hypermarket and Tata International West Asia DMCC, Dubai. He is also Vice-Chairman of Tata Steel and Titan Company Ltd.

with PTI inputs