Indranil Ghosh has quit Cerberus Capital to join Apollo Global, according to reports. Cerberus, which manages a $1-billion-plus India loan book, is a major financier of bonds from Shapoorji Pallonji group firms backed by Tata Sons shares, with roughly $700–800 million in exposure. Despite the leadership change, Cerberus’s India team reportedly hasn’t seen broader staff movement.
The RBI is expected to issue a revised circular on upper-layer NBFCs, with its scale-based regulation framework under review. Sources say Tata Sons may not receive the exemption it sought from upper-layer classification, a move officials believe could be aimed at avoiding an NBFC listing. The decision may significantly reshape the listing trajectory.
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Shapoorji Pallonji Mistry has renewed his call for Tata Sons to be publicly listed, calling it a necessary step in the group’s evolution. He argues the move would strengthen governance, transparency and accountability and is in the public interest. Mistry also says there is no evidence it would harm Tata Trusts or their beneficiaries, while seeking RBI clarity on the way forward.
Support for a Tata Sons IPO is growing after Tata Trusts Vice Chairman Vijay Singh reportedly backed listing, following Venu Srinivasan’s earlier push. The group previously signaled it wanted to stay unlisted and consider alternatives to avoid going public, but increasing board-level backing suggests the IPO conversation is moving from idea to plan.
Tata Sons CEO N Chandrasekaran met Singapore Airlines chief Goh Choon Phong to review a funding roadmap for Air India as losses continue to deepen. The talks also covered the search for a new CEO, amid complex global political uncertainty. The discussions signal a push to stabilize finances and leadership simultaneously to steer the airline toward recovery.
Shapoorji Pallonji Group is preparing to raise about Rs 25,400 crore by May 15, aiming to refinance existing debt. The group is also seeking temporary approval to adjust a loan-to-value covenant on its bonds. Market watchers will be tracking developments around Tata Sons’ stake and possible listing, which could influence investor sentiment.
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