Mumbai (Maharashtra) [India], September 17 (ANI): Tata Sons board approved five-year extension for N Chandrasekaran as the chairman of the Tata Group holding company sources told ANI.

The decision was taken at a Tata Sons board meeting held on Thursday, with the board approving Chandrasekaran's reappointment for another five-year term, sources said.

Chandrasekaran, who took charge as Chairman of Tata Sons in 2017, is currently serving his second five-year term, which is scheduled to end in February 2027. The latest decision will allow him to continue at the helm of the Tata Group for another five years.

The development comes shortly after Chandrasekaran had indicated that he would not seek reappointment after the completion of his current tenure.

Sources said the board's decision marks a reversal of the earlier position and provides continuity at the top of the Tata Group as it navigates a significant phase of business and regulatory developments.

The Tata Sons board has also been discussing the future structure and listing of the holding company following regulatory developments concerning its status as an upper-layer non-banking financial company.

The Reserve Bank of India had earlier rejected Tata Sons' request to surrender its registration as a Core Investment Company, effectively requiring the group holding company to comply with applicable listing requirements.

The decision on Chandrasekaran's tenure comes against this backdrop, with the Tata Group continuing to evaluate its long-term governance and corporate structure.

Chandrasekaran became the Chairman of Tata Sons in February 2017, succeeding Ratan Tata. Prior to taking over as Chairman, he was the Chief Executive Officer and Managing Director of Tata Consultancy Services.

Under his leadership, the Tata Group has expanded its presence across sectors including technology, automobiles, aviation, steel, consumer products and financial services.

The latest board decision is subject to the requisite corporate and shareholder processes.

Further details regarding the terms of the reappointment are expected to emerge following the formal processes. (ANI)