Shapoorji Mistry renews call for Tata Sons listing, says it’s ‘a moral and social imperative’

Shapoorji Pallonji (SP) Mistry on Friday renewed his long-standing call for the public listing of Tata Sons, describing it as “a moral and social imperative” that would strengthen transparency, governance, and stakeholder trust.



In a statement issued amid the ongoing developments at Tata Trusts, Mistry said the SP Group has “consistently advocated the public listing of Tata Sons” and that such a move would “uphold the spirit of transparency envisioned by its founding father,

Jamsetji Tata.”

“Transparency is the truest form of respect for both legacy and the future,” he said, adding that a listed Tata Sons would reflect the same openness and accountability that have defined the Tata ethos for over a century.

According to various reports, the SP Group owns a stake of over 18.3% in the salt-to-semiconductor conglomerate, and it is qualified as a promoter, in spite of being a minor shareholder.

The SP Group said the listing would “unlock immense value for over 1.2 crore shareholders of listed Tata companies,” who are indirect shareholders of Tata Sons. It added that Tata Trusts, as the largest beneficiary, “would stand to benefit immensely from a robust and equitable dividend policy.”

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Mistry also invoked the Reserve Bank of India’s (RBI) Scale-Based Regulatory Framework for Non-Banking Financial Companies (NBFCs), under which Tata Sons is classified as an “upper layer” NBFC. He said the SP Group trusted the central bank to ensure compliance with the September 30, 2025 listing timeline.

“We have full faith in the Reserve Bank of India… to take decisions grounded in equity, justice, and public interest,” he said.



This comes as the Shapoorji Pallonji Group faces about $1.2 billion (around ₹10,000 crore) in debt repayments by December, for which it has reportedly pledged its entire stake in Tata Sons as collateral, sources told Moneycontrol.

According to the report, the group recently refinanced about $3.2 billion of existing borrowings and is scheduled to repay the upcoming tranche— covering both principal and interest—within the next two months. The promoter-level debt held by the Mistry family is estimated at ₹25,000-30,000 crore, roughly half of the group’s total debt of ₹55,000–60,000 crore, the report added.

The group could face challenges in mobilising the required funds to meet these repayment obligations, potentially complicating ongoing discussions over its proposed exit from Tata Sons.