December 16, 2016 / 3:34 AM / 8 months ago

Ratan Tata likely to step down as chairman of Tata Trusts - report

Ratan Tata, interim chairman of India's Tata group, leaves his office building in Mumbai, India October 27, 2016.Shailesh Andrade/Files

MUMBAI (Reuters) - Ratan Tata is "most likely" to step down as chairman of the Tata Trusts, which control a 66 percent stake in the $100 billion Tata conglomerate's holding company Tata Sons, said a Times of India report citing Tata's long-time confidant R K Krishna Kumar.

The Trusts have asked an external consultant to advise them on the selection process, which could be completed by the middle of next year, said Krishna Kumar according to the report, adding that the next chairman of the Trusts will be an Indian, but not necessarily a member of the Tata family.

The role of the Trusts has been at the center of the ongoing feud between Tata and Tata Sons' ousted Chairman Cyrus Mistry.

Writing by Euan Rocha; Editing by Muralikumar Anantharaman

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