Ratan Tata says no plan to step down from Tata Trusts' chairmanship

NEW DELHI: Rubbishing media reports, Ratan Tata today clarified that he has no plans to step down from the chairmanship of the Tata Trusts right now.

"Further to news reports that have appeared in the media today, Mr Ratan Tata, Interim Chairman, clarified that there are no plans for his stepping down from the chairmanship of the Tata Trusts at this point in time," said a statement from the group.

Tata emphasised that he was looking forward to continuing his involvement with initiatives in the trusts.

Earlier, media report said that Tata was likely to step down soon as chairman of the Tata Trusts, which control a 66 percent stake in the $100 billion Tata conglomerate's holding company.

Reports said trusts have asked an external consultant to advise them on the process of selecting a new chairman to replace Tata to ensure that the transition happens smoothly.

Tata said he is "keen that a process should be in place for a smooth succession at an appropriate time" and added that "the Trusts were undertaking many initiatives that had national impact and he is looking forward to continuing his involvement with these initiatives in the Trusts."

The role of the Trusts has been at the center of the ongoing feud between Tata and the ousted chairman of the holding company Tata Sons, Cyrus Mistry.

Mistry has accused Tata of using the Trusts as a separate power base, retaining control of the overall group even after he retired as chairman of Tata Sons. Tata disputes the claim.