The succession race at Tata Sons, the holding company of the Tata Group, has narrowed to three prominent corporate leaders, according to people familiar with the matter. Tata Steel CEO and Managing Director T V Narendran, Tata Sons Executive Director and Group CFO Saurabh Agrawal, and NSE Managing Director and CEO Ashish Chauhan are now considered the leading names to succeed N Chandrasekaran.
Narendran is currently viewed as the strongest internal candidate. A Tata Steel veteran with more than three decades of experience within the group, he has led the steelmaker for over a decade and navigated commodity cycles, large capital investments and the challenges surrounding Tata Steel’s European operations.
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His long association with the Tata Group gives him a major advantage, although his experience has largely been within Tata Steel rather than at the holding-company level. The next chairman will need to oversee a vast portfolio spanning technology, automobiles, aviation, consumer businesses, financial services and new-age manufacturing.
Agrawal offers a different proposition, with a background rooted in investment banking, corporate finance and capital allocation. He joined Tata Sons in 2017 as Group CFO and has since taken on a broader role covering investment decisions, portfolio optimisation and strategic capital deployment.
Before joining the Tatas, Agrawal held senior positions at DSP Merrill Lynch, Standard Chartered and the Aditya Birla Group. He has also served on the boards of several Tata companies and chairs businesses including Tata Capital, Tata Play and Tata AIA Life Insurance. His understanding of Tata Sons’ financial architecture could make him particularly relevant as the group enters a period of heavy investment.
Ashish Chauhan has emerged as the potential dark horse. A veteran of India’s capital markets, Chauhan was among the executives involved in establishing the National Stock Exchange in the 1990s. He later served as CEO of the Bombay Stock Exchange before returning to NSE as MD and CEO in 2022.
His experience spans technology, finance, capital markets and institution building. He is currently overseeing NSE’s proposed public listing, which is expected to be one of India’s largest IPOs. Supporters believe his experience in transforming institutions, managing regulatory challenges and leading through difficult periods could bring a different perspective to Tata Sons.
However, Chauhan would face the challenge of moving from the specialised world of capital markets to managing a conglomerate with more than 30 businesses and over a million employees.
The succession decision comes at a crucial point for the Tata Group. Air India’s expansion, semiconductor and electronics investments, electric mobility, digital businesses and the future of Tata Sons’ own listing will demand significant strategic and financial decisions.
Chandrasekaran, who became Tata Sons chairman in 2017, announced last month that he would not seek another term after his tenure ends on February 20, 2027.
No final decision has been made, and the Tata Sons board and Tata Trusts are expected to have a decisive role. Noel Tata, chairman of Tata Trusts, is also expected to play a significant part in the process.
For now, Narendran appears to have the inside track, with Agrawal offering a finance-focused alternative. Chauhan, however, could still emerge as the surprise choice as Tata Sons determines the leadership direction it wants for the next decade.
