New Delhi, Sept. 5 -- Tata Sons, the holding company of the USD 275-billion-plus Tata conglomerate, has narrowed its search for a successor to Chairman N Chandrasekaran to three prominent corporate leaders -- Tata Steel CEO and MD T V Narendran, Tata Sons Executive Director and Group CFO Saurabh Agrawal, and NSE MD and CEO Ashish Chauhan, people familiar with the matter said.

While Narendran has emerged as the frontrunner among internal candidates, Agrawal is also in the reckoning with his investment-banking and capital-allocation experience, while Chauhan, a veteran of India's capital markets and one of the founding executives of the National Stock Exchange, could turn out to be the dark horse, the people said.

The selection process is...