Noel Tata steps down as Voltas chairman days after Trent exit

Almost a week after stepping down as chairman of Trent, Noel Tata announced on Tuesday that he would also relinquish the chairmanship of another Tata group firm, Voltas.

Addressing shareholders of the leading cooling products maker in its 72nd annual general meeting (AGM), Noel Tata, 69, said this would be his last AGM as Chairman of Voltas.

"As you might be aware, this will be my last annual general meeting as Chairman," Noel Tata said in his address to shareholders.

He said the company has developed its next generation of leaders through a combination of internal promotions and lateral hiring and expressed confidence in the management's ability to drive future growth.

"The company has developed our next generation of leaders, from both in-house promotions and lateral hires. I am confident that with the close cooperation of seasoned practitioners and new talent, your company will continue to take big strides in all business segments," he said.

Thanking shareholders, employees and business partners for their support over the years, Tata said he was satisfied with the company's current position and growth trajectory.

"I would like to sincerely thank all our shareholders, colleagues and partners for your trust, understanding and constant support over the years," he said.

Noel Tata had joined the board of Voltas on January 27, 2003. He was appointed as the non-executive chairman of Voltas on September 1, 2017, succeeding the outgoing chairman, Ishaat Hussain.

Earlier this month, on June 23, Noel Tata, while addressing shareholders of Trent, a leading Indian fashion and lifestyle retailer, had made a similar announcement.

Noel Tata, who is also Chairman of Tata Trusts, the largest shareholder of Tata Sons, will turn 70 in November this year.

The Companies Act 2013 mandates that any Managing Director or Whole-Time Director cannot be appointed or continue employment if they are 70 years of age or older.

Highlighting the company's recent performance, Tata, in his address, said Voltas entered the current financial year on a strong footing, with its room air-conditioner business achieving a significant milestone.

"I have great satisfaction that Voltas stands strong today, having entered the new financial year on a strong note. Our room air conditioning business crossed the milestone of 1 million units in a record 81 days, reaffirming its undisputed market leadership," he said.

He also thanked employees and joint venture partners for their contribution to the company's growth.

Noel has been associated with the Tata group for 40 years.

He currently serves as the Non-Executive Chairman of the Board of Directors of Trent, Tata Investment Corporation, Tata International, Trent Hypermarket and Tata International West Asia DMCC, Dubai, UAE.

Besides, he is also the Vice- Chairman of Tata Steel and Titan Company Ltd.