According to sources familiar with the situation, the search for a successor to the Chairman of Tata Sons, currently held by N Chandrasekaran, has narrowed down to three prominent corporate leaders: T V Narendran, CEO and Managing Director of Tata Steel; Saurabh Agrawal, Executive Director and CFO of the Tata Sons group; and Ashish Chauhan, CEO and Managing Director of NSE.
Although Narendran is favored among internal candidates, Agrawal is also being considered due to his experience in investment banking and capital allocation. Chauhan, a veteran of India's capital markets and one of the founders of the National Stock Exchange, could turn out to be the 'dark horse.'
The selection process is ongoing, and a final decision has not yet been made. It is expected that the board of directors of Tata Sons and the trusts controlling the holding company will play a key role in choosing the next chairman.
Sources reported that Noel Tata, Chairman of Tata Trusts, presented the selected candidates to high government officials, and the decision will likely be made after thorough discussion of the names.
Tata Trusts and Tata Sons did not immediately respond to requests for comment via email.
Chandrasekaran, who took office as Chairman of Tata Sons in 2017 and is currently serving his second five-year term, announced last month that he would not seek an extension when his term expires on February 20, 2027.
Despite the formal succession search being underway, the official list of candidates has not been confirmed. Other names mentioned include Noel Tata himself, who may act as interim chairman if the committee cannot complete the process in time; Aarti Subramanian, Chief Digital Officer of the Tata Sons group; Shailesh Chandra, CEO of Tata Motors; and Pravir Sinha, CEO of Tata Power.
According to information related to the discussions, Chauhan could be an unexpected choice. Narendran possesses the Tata legacy and is considered a natural internal candidate for the top position, but his career has almost entirely been within Tata Steel, giving him relatively less experience at the holding company level and in capital allocation. Chauhan, conversely, presents a distinctly different profile.
The NSE head has deep expertise in technology, capital markets, financial services, and institutional building. He was one of the leaders who helped establish NSE in the 1990s, later served as CEO and MD of the Bombay Stock Exchange before returning to NSE as its head in 2022.
An IIT Bombay graduate with a postgraduate degree in management from IIM Calcutta, Chauhan also worked at Reliance Industries and IDBI Bank. He is currently overseeing the NSE's IPO worth ₹30,000 crore—the largest in Indian history so far—which is expected to value the stock exchange at approximately ₹5 lakh crore and place it among the top 10 most valuable Indian companies by market capitalization.
His candidacy could offer the Tata group an external option without introducing a completely unknown figure, as noted by people familiar with his profile. Chauhan understands capital markets and the technological transformation of large institutions, with his experience spanning corporate governance, finance, and technology.
He is also familiar with the regulatory and political environment of India, which could be beneficial as the group expands into highly regulated sectors, sources note.
Those familiar with Chauhan's career describe him as a corporate problem-solver who tends to work quietly and methodically, handling complex situations without an aggressive public stance. He is credited with guiding NSE through a difficult period and preparing the exchange for a potential listing, and at BSE, he transformed the broker-run exchange into a professionally managed corporate institution.
His supporters point to his ability to handle pressure, unite teams, and execute tasks over long periods, as well as his understanding of technology, finance, telecommunications, and broader political economy.
However, the post of Chairman of Tata Sons is an exceptionally demanding role. Chauhan would need to transition from the specialized and strictly regulated world of capital markets to overseeing a conglomerate encompassing over 30 enterprises and more than a million employees.
Narendran has emerged as the most frequently mentioned name in early discussions and remains the strongest internal operational candidate. As a Tata Steel veteran since 1988, Narendran has spent over three decades with the group and led the steel company as CEO and MD for over ten years.
He guided Tata Steel through volatile global commodity cycles, major capital expenditures, and complex European operations that have been a challenge for successive Tata Sons chairmen.
Narendran has overseen the organic and inorganic expansion of the company and held several prominent industry and institutional positions, including Chairman of the World Steel Association and President of the Confederation of Indian Industry.
It is reported that he is one of two operational CEOs—the other being Pravir Sinha from Tata Power—whom Noel Tata regularly consults.
For Narendran, the task will be to transform his experience managing a large operating company into managing a vast portfolio ranging from IT and automotive to aviation, consumer goods, and new manufacturing.
Agrawal represents a clearly finance and strategy-oriented internal option. He joined Tata Sons in 2017 as Group CFO under Chandrasekaran and currently serves as Executive Director and CFO of the group. His responsibilities extend beyond traditional CFO duties, including capital allocation, investment management decisions, and portfolio optimization across the group.
An IIT Roorkee graduate with a postgraduate degree in management from IIM Calcutta, Agrawal began his career in finance and investment banking in 1995. He headed the investment banking division at DSP Merrill Lynch, served as Head of Corporate Finance for India and South Asia at Standard Chartered, and held a senior strategic role at Aditya Birla Group before joining Tata Sons.
Before joining the conglomerate, Agrawal also advised large Indian groups, including the Tatas, on deals, giving him a combination of external financial market experience and deep knowledge of the Tata group's investment architecture.
He has held positions on boards across the group, including Tata Steel, Voltas, and Tata Digital, and leads ventures such as Tata Capital, Tata Play, Tata AIA Life Insurance, Tata AIG General Insurance, Tata Power Renewable Energy, Tata 1mg, and BigBasket.
His candidacy becomes particularly relevant as Tata Sons faces a period of high capital requirements and increasingly complex decisions about where to direct capital within its enterprises.
Chandrasekaran's departure comes at a critical moment for the Tata group, which is in the middle of one of its largest investment cycles, including the expansion of Air India, semiconductor and electronics manufacturing projects, electric mobility, and digital business.
The next chairman will inherit a group with revenues of approximately ₹16.24 lakh crore and must tackle a range of strategic challenges.
TCS, the group's largest public company and the main contributor to Tata Sons' valuation, is undergoing a period of rapid technological change. Air India, also led by Chandrasekaran, requires significant investment as Tata aims to build a world-class airline. The unprofitable operations of Tata Digital will require clearer strategic decisions.
The new chairman will also have to address the long-standing issue of a public listing for Tata Sons, alongside broader corporate governance issues and the financial pressure faced by the minority shareholder, Shapoorji Pallonji.
Air India could prove to be one of the toughest tests. The airline is recovering after acquisition from the government and is striving for rapid expansion as the Indian aviation market grows. However, securing the capital needed to purchase aircraft and maintaining confidence among aircraft lessors remain key challenges.
The succession process is also taking place against the backdrop of questions regarding the Tata group's traditional talent pipeline.
Narendran, in particular, is not a Tata administrative service officer and has spent his entire career at Tata Steel. Noel Tata, Chairman of Tata Trusts and Non-Executive Director of Tata Sons, has become a key figure in the succession process since Ratan Tata's passing in 2024. His influence is expected to be significant as the group seeks to balance commercial expansion with the managerial and philanthropic philosophy associated with the Tata name.
Thus, the final choice may signal the direction Tata Sons wishes to move in the coming decade.
Sources noted that Narendran offers continuity and deep operational experience within the Tata group. Agrawal brings capital markets expertise and deep knowledge of the holding company's investment decisions. Chauhan offers a broader range of experience in technology, finance, institutional building, and regulation.
Currently, Narendran remains the stronger internal candidate, while Agrawal provides a financially focused alternative. However, Chauhan's unusual combination of technology, financial market experience, and institutional leadership makes him the 'dark horse' who could disrupt the expected order in the succession race, according to them.
The selection committee is expected to advance the process in the coming months, and the new chairman should take office after Chandrasekaran's term ends in February 2027.