India, Sept. 21 -- Noel Tata is attempting a difficult balancing act: resolving a Rs 25,000-crore-plus shareholder liquidity issue without compromising the century-old Tata model. That may be the most significant element of his strategy.

At a Tata Sons board meeting, Noel Tata stood firm against listing Tata Sons while insisting that other lawful alternatives be examined. His position follows the unanimous decision taken in March 2024, under Ratan Tata's guidance, to keep Tata Sons unlisted. The principal Tata Trusts reaffirmed that position in 2025.

But Noel Tata has not simply said "no."

At the same time, he tabled an SP Group proposal that could potentially monetise part of its Tata Sons holding for at least Rs 25,000 crore through ...