Mukund Rajan resigns as Tata Sons chief ethics officer
Mukund Rajan has served his resignation to evaluate entrepreneurial pursuits in the coming months, said Tata Sons in a statement
Mumbai: Mukund Rajan has quit as chief ethics officer of Tata Sons Ltd, the company said in a press release. He will leave the company at the end of this month.
“Dr. Mukund Rajan has conveyed personal reasons for his decision to leave Tata Sons and has indicated he will be evaluating certain entrepreneurial pursuits in the coming months,” the press statement added.
As a Tata Administrative Service (TAS) officer, Rajan, 49, has held various leadership roles in the telecommunication sector, private equity space and branding strategy, over a period of 23 years.
Mint had on 26 January reported that a set of Tata group executives, led by Rajan, had placed a bid for Tata Teleservices Ltd’s enterprise business, a potential management buyout.
Rajan and some of the top executives of Tata Teleservices were being backed by a consortium led by TPG Capital and a large sovereign pension fund in their bid for the assets of the telecom company, which includes 125,000 route km of fibre network.
“The TPG-backed deal to acquire Tata Tele assets is still on the table. If the deal goes through, Mukund will be non-executive chairman of the new entity. That’s the understanding that he has with the investors,” a person aware of the matter said on condition of anonymity.
The suitors had offered at least $1 billion for the fibre assets and related businesses owned by Tata Teleservices, according to a Bloomberg report.
Tata group’s own telecom company Tata Communications Ltd, which had in December 2017 expressed its desire to buy the enterprise business and fixed line assets of Tata Teleservices, is also in the race to buy the assets.
Rajan held the position of chief brand custodian and was also a member of group executive council set up by Cyrus Mistry, former Tata Sons chairman, in 2013.
However, after the Tata Sons board ousted Mistry from his position in October 2016, the council was disbanded. Though three members from the council were also asked to leave, Rajan and Harish Bhat were retained.
Last year, N. Chandrasekaran, new chairman of Tata Sons, re-designated Rajan as head of international operations in the organization.