New Delhi, Aug. 22 -- Noel Tata has stepped into the centre of the Tata Group at a particularly awkward moment. The first sign of trouble came when Tata Sons' annual general meeting had to be adjourned for lack of a quorum, as the Sir Ratan Tata Trust could not nominate a representative due to regulatory restrictions.

But the bigger challenge is what he inherits from N. Chandrasekaran. After taking charge of Tata Sons in 2017, Chandrasekaran built a more centralised and ambitious group, backing big bets in areas such as digital, electronics and other new businesses. The result is a more powerful Tata Sons, but also a portfolio of unfinished and capital-intensive bets.

Noel, who took over as chairman of Tata Trusts after Ratan Tata's dea...