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Noel Tata has been appointed as the new Chairman of Tata Trusts, a move that signals continuity and stability within one of India’s most influential philanthropic institutions. 

The decision was made unanimously by the board, placing Noel at the helm of two of the most significant charitable organizations within the Tata Group.

Noel Tata brings with him over four decades of leadership within the Tata Group. He currently serves as the Chairman and Non-Executive Director of Tata International Limited and holds key positions on the boards of Trent, Voltas, Tata Investment Corporation, Tata Steel, and Titan Company Limited. During his tenure as Managing Director of Tata International Limited, he was instrumental in expanding the company’s revenue from $500 million to over $3 billion between 2010 and 2021.

His leadership extended to Trent Limited, where he transformed the company from a single retail store in 1998 to a robust network of over 700 stores across India. An alumnus of Sussex University, UK, and the International Executive Programme (IEP) at INSEAD, Noel is known for his strategic acumen and commitment to the group’s vision.

Traditionally, the chairmanship of Tata Trusts has been held by members of the Parsi community, maintaining a cultural link to the group’s roots. Noel Tata’s appointment continues this tradition, marking him as the 11th chairman of the Sir Dorabji Tata Trust and the sixth chairman of the Sir Ratan Tata Trust.

Noel was previously considered for the chairmanship of Tata Sons, a role that eventually went to Cyrus Mistry, his brother-in-law. Following Mistry’s controversial exit, N Chandrasekaran took over as Chairman of Tata Sons. Recently, reports indicate a reconciliation between Noel and Ratan Tata, fostering a renewed sense of unity within the group’s leadership.

The leadership transition comes at a pivotal moment for Tata Trusts, which is intricately linked with the broader Tata Group. Ratan Tata’s passing left a legacy of a $165 billion conglomerate, renowned for pioneering acquisitions and transforming India’s business landscape across steel, automobiles, and other sectors. Noel Tata’s appointment as Chairman aims to uphold that legacy while charting a new course for the future.

Here’s what you need to know about Noel Tata

• Noel Tata is the 11th chairman of the Sir Dorabji Tata Trust and the sixth chairman of the Sir Ratan Tata Trust.
• He is the son of Naval H. Tata and Simone N. Tata, and the half-brother of Ratan Tata.
• Noel Tata was already a trustee of both the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which together hold a 66% stake in Tata Sons, the Tata Group’s holding company.
• Following Ratan Tata’s passing, the leadership focus at Tata Trusts intensified, with a new chairman being appointed from among the trustees.
• The Tata Trusts are the largest public charitable foundation in India, contributing around $56 million (Rs 470 crore) in donations during FY23.
• Noel Tata has been part of the Tata Group for over four decades, holding key board positions, including Chairman of Trent, Voltas, and Tata Investment Corporation, and Vice Chairman of Tata Steel and Titan Company Limited.
• He served as Managing Director of Tata International Limited from August 2010 to November 2021, overseeing its revenue growth from $500 million to over $3 billion.
• Noel Tata played a crucial role in expanding Trent Limited from a single store in 1998 to over 700 stores today and has led various retail ventures, including brands like Westside, Star Bazaar, and Zudio.
• He joined the Sir Ratan Tata Trust board in 2019 and became Vice Chairman of Titan Company in 2018, followed by Vice Chairman of Tata Steel in March 2022.
• Known for his low-profile leadership style, Noel Tata focuses on the Tata Group’s international operations and retail sectors, differing from Ratan Tata’s more public-facing approach.

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The demand for used smartphones is surging in India, driven by increasing new phone costs and the need for affordable upgrades. According to the latest report by IDC, India’s used smartphone market is expected to grow by 9.6 per cent in 2024, with an estimated 20 million used devices traded. This growth rate outpaces new smartphone shipments, which are forecasted to grow at 5.5 per cent next year.

India currently ships around 145-150 million new smartphones annually, making it the second-largest market globally after China.

However, growth in the new smartphone market has been modest since 2021 due to rising average selling prices, improving device quality, and ongoing income stress among consumers. The average replacement cycle has stretched from two years to almost three, making new devices less accessible for many buyers.

With the average selling price of new smartphones climbing steadily, used phones are becoming an attractive alternative for consumers seeking quality devices without the hefty price tag.

This trend is particularly strong among those aspiring to upgrade to a 5G smartphone but finding new models too expensive. IDC data shows that about two-thirds of India’s 650 million smartphone users are still on 4G devices. The limited availability of 5G phones under Rs 10,000 ($125) is restricting wider adoption in the mass market segment.

Brands like Apple and Xiaomi are dominating the used smartphone space in India.

Leading brands in used smartphone market

Apple leads the market with a quarter share of the used segment, fueled by the brand’s premium status and demand for older models like the iPhone 11, 12, and 13 series. Xiaomi, which led the new smartphone market for 20 straight quarters until 2022, holds the second position, followed by Samsung.

Several startups are also organizing the previously fragmented used smartphone market. Platforms like Cashify, Yaantra, and others have introduced quality checks, warranties, and omnichannel presence to boost consumer confidence. Cashify, for instance, has over 200 stores across 100 cities, while Yaantra, owned by Flipkart, focuses mainly on online sales and select offline partnerships.

Looking ahead, IDC forecasts the used smartphone market in India to grow at a compound annual growth rate (CAGR) of 8 per cent over the next five years, reaching 26.5 million units by 2028.

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India’s Adani Group plans to build 10 gigawatts of overseas hydroelectric projects over the next few years, helping the conglomerate reach its net zero carbon emissions goal by 2050.

Billionaire owner Gautam Adani, whose businesses span from rice to cement, announced in 2022 the group would invest $100 billion over the next decade to develop green energy capabilities including setting up the world’s largest solar energy park in western India.

The group is exploring building hydroelectric projects in countries such as Nepal, Bhutan, Kenya, Tanzania, the Philippines, and Vietnam, said the sources, who declined to be named as the talks are private.

While the group is mostly focussed on building pumped hydro storage in India, it is drawn to countries that have favourable topography and demand for hydropower.

Adani Group, through its green energy arm Adani Green Energy, operates 11.2 GW of renewable energy projects, and aims to expand this capacity to 50 GW by 2030, according to the company’s website.

The Adani group did not respond to a request for comment.

“Evaluation process is being done in a number of countries. The group is talking mostly with governments and to some private parties too,” one of the sources said.

In June, Gautam Adani announced that the group had signed an agreement with Bhutan’s government for the construction of a 570 megawatt (MW) hydro power plant in the country’s Chhukha province.

It is also evaluating constructing a 700 MW project at Chamkarchu in Bhutan, where the work can start immediately as required approvals are in place, two of the four sources said.

The group is already in talks with developers that have rights to build power projects in Nepal, the sources said, adding electricity from Nepal and Bhutan can be exported to India.

India’s power demand is expected to rise because of strong economic growth.

Adani already has business interests in Kenya, Tanzania, the Philippines, and Vietnam where it has identified locations and is working on multiple feasibility studies and detailed project reports, the sources said.

Authorities in Nepal, Bhutan, Kenya, Tanzania, the Philippines and Vietnam did not respond to Reuters requests for comments.

Adani has pledged to invest $1.85 billion for leasing and operating Kenya’s international airport and announced plans to invest $3 billion in seaport and renewable energy projects in Vietnam.

Earlier this year, it signed a 30-year concession agreement with Tanzania Port Authority to operate a containers terminal.

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India has emerged as the leading market for AI mobile application adoption, accounting for 21 per cent of the global downloads, which exceeded 2.2 billion in the first eight months of 2024, according to data from Sensor Tower, as per report.

Among the most popular AI applications are chatbot platforms like ChatGPT, Microsoft Copilot, and Google Gemini, alongside various image and video editing apps. Despite this popularity, a significant portion of Indian users access these applications for free.

In contrast, North America and Europe generated 68 per cent of the in-app purchase revenue from AI applications, which has already surpassed $2 billion worldwide this year, with India’s contribution being less than 2 per cent. Sensor Tower projects that total revenue from AI applications will reach $3.3 billion for the entirety of 2024, marking a 51 per cent increase compared to the previous year, the report said.

Year 2023 saw remarkable growth in global AI and chatbot applications, with downloads skyrocketing over 14 times from the previous year to nearly 600 million. By August 2024, downloads of these applications have already surpassed 630 million, exceeding the total for all of 2023, the report mentioned.

OpenAI’s ChatGPT secured the top position in global downloads, followed by the AI image editing application Remini. The Photoroom AI Photo Editor and Google Gemini ranked third and fourth, respectively.

The report quoted Neil Shah, partner and co-founder at Counterpoint Research, as saying the growing popularity of consumer chatbots for generative tasks, including text, image, and video creation. He highlighted that simple use cases like transcription, language translation, note-taking, summarisation, and virtual assistants will see widespread adoption soon.

Shah also mentioned the shift toward an ‘app-less ecosystem’, driven by AI processing capabilities on the edge, facilitated by Google’s Android OS and Apple’s iOS. He explained that AI systems capable of operating autonomously could extract information, process data, and perform tasks on users’ behalf.

However, to support this increased AI functionality, device manufacturers will need to innovate, focusing on faster processors and greater memory storage. Currently, mini models require around 4-5 GB of storage to be downloaded onto devices.

The news report quoted Shah saying while the device ecosystem is prepared to handle AI in terms of computational and processing capabilities — highlighting Qualcomm and MediaTek’s neural processing unit (NPU) chipsets — manufacturers will need to provide at least 12 GB of RAM to facilitate effective AI applications and agentic workflows.

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Varun Beverages board at its meeting held on October 9 has approved raising of funds of up to Rs 7,500 crore through a Qualified Institutions Placement (QIP). VBL accounts for 90 per cent of PepsiCo’s beverage sales volume in India.

“Notice of Postal Ballot for seeking approval of Equity Shareholders in respect of raising of funds by way of issuance of Equity Shares through QIP,” the PepsiCo bottler said in an exchange filing.

The fund would be raised in “one or more tranches” and would be “subject to receipt of approval of equity shareholders of the company” through postal ballot, it added.

The proceeds from this fundraise would be utilised in “making investments in subsidiaries, joint ventures or associates” or to “fund the growth of existing businesses including expanding product portfolio, entering into new territories and making strategic acquisitions”.

This will also help in “Pre-payment or repayment” of debts and in general corporate purposes, Varun Beverages Ltd (VBL) said in a regulatory filing.

Shares of Varun Beverages were trading flat at around 10.15 AM to quote at Rs 595.65 per share on the NSE, up marginally by 0.96 percent.

Varun Beverages Ltd. (VBL), one of the largest franchise bottlers for PepsiCo globally, posted a revenue of Rs 7,197 crore in the April to June quarter, marking a 28 percent growth compared to the same period last year. VBL operates on a January-December calendar year.

The company’s net profit for the quarter increased by 26 percent to Rs 1,252.6 crore, up from Rs 994 crore in the corresponding period a year ago.

In trade today, the stock touched an intraday high of Rs 606.2 per share on the NSE, up 2.75 percent. The scrip has been gaining for the last two days and has risen 10.21 percent in the period.

The stock rose close to 20 percent in 2024 so far and was 395.34 percent in the last three years, according to data available on the BSE exchange.

The current face value of each stock of the company is Rs 2 from an earlier Rs 5. In September 2024, the company announced stock split in the ratio 5:2.

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