Mumbai: Rejecting rumours floating in media about Ratan Tata steeping down soon from chairmanship of the Tata Trusts, Tata Sons on Friday clarified that its interim Chairman has no such plans.
"Further to news reports that have appeared in the media today, Ratan Tata, Interim Chairman, clarified that there are no plans for his stepping down from the chairmanship of the Tata Trusts at this point in time," Tata Sons said in a statement.
"The reference to the media discussion with some trustees relate to the process being put in place for the leadership succession in the Trusts in the future, to enable an ordered and smooth transition of leadership."
Tata emphasised that the `Trusts` were undertaking many initiatives of national impact and that he is looking forward to continue his involvement with these initiatives in the `Trusts`.
"He was however keen that a process should be in place for a smooth succession at an appropriate time," the statement added.
There were rumours earlier today that Ratan Tata may step down as chairman of Tata Trust, as per a repot published in Times of India.
Times of India report claimed that the new selection process which includes advise from an external agent and it will be concluded by mid-next year.
The report further said that the next chairman will be an India and it's not necessary if he will belong to the Tata family.
A feud is going on between Tata and Tata Sons`ousted Chairman Cyrus Mistry for the last many weeks.
With Agency Inputs