Noel Tata steps down as Voltas chairman days after Trent exit

Almost a week after stepping down as chairman of Trent, Noel Tata announced on Tuesday that he would also step down as chairman of Voltas, another Tata group firm.

Addressing shareholders at the 72nd annual general meeting (AGM) of the leading refrigeration products manufacturer, 69-year-old Noel Tata said this will be his last AGM as Chairman of Voltas.

“As you know, this will be my last annual general meeting as Chairman,” Noel Tata said in his address to shareholders. he said.

He said the company is developing the next generation of leaders through a combination of internal promotions and lateral hiring, and expressed confidence in management’s ability to drive future growth.

“The company has trained our next generation of leaders through both internal promotions and external recruitment. I am confident that with the close collaboration of experienced practitioners and new talent, your company will continue to make great strides in all business segments,” he said.

Thanking shareholders, employees and business partners for their support over the years, Tata said that he is satisfied with the company’s current position and growth trajectory.

“I sincerely thank all our shareholders, colleagues and partners for your trust, understanding and continuous support over the years,” he said.

Noel Tata joined Voltas’ board of directors on January 27, 2003. On 1 September 2017, he was appointed non-executive chairman of Voltas, replacing outgoing chairman Ishaat Hussain.

Earlier this month, on June 23, Noel Tata had made a similar announcement while addressing shareholders of Trent, India’s leading fashion and lifestyle retailer.

Noel Tata, who is also the Chairman of Tata Trusts, the largest shareholder of Tata Sons, will turn 70 in November this year.

The Companies Act 2013 mandates that any Managing Director or Whole Time Director cannot be appointed or continue to work if he/she is 70 years of age or above.

Highlighting the company’s recent performance, Tata said in his speech that Voltas has entered the current financial year on a strong foundation by achieving a significant milestone in the room air conditioner business.

“I am very pleased that Voltas has entered the new financial year on a strong note and stands strong today. Our room air conditioning business has surpassed 1 million units in a record time of 81 days, once again confirming its undisputed market leadership,” he said.

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

Noel has been associated with the Tata group for 40 years.

Currently, Trent serves as Non-Executive Chairman of Tata Investment Corporation, Tata International, Trent Hypermarket and Tata International West Asia DMCC, Dubai, UAE.

He is also the Deputy Chairman of Tata Steel and Titan Company Ltd.