Tata Patriarch’s Resistance to IPO Creates Rift Atop India Group

Noel Tata’s opposition to taking his family empire’s parent firm public is creating discord atop one of India’s most storied conglomerates, according to people familiar with the matter.

Two of the six trustees at Tata Trusts, a group of charities that control two-thirds of Tata Sons Pvt., are set to propose that the group’s holding company prepare for a listing, said the people who asked not to be named because the deliberations are private. This comes after a recent directive from India’s central bank made it less likely that Tata Sons can avoid an initial public offering.