Mumbai, October 6: Tata Trusts are exploring alternative corporate restructuring routes with regulatory authorities to keep Tata Sons unlisted.

The holding company of India's largest business group was named an upper-layer non-banking finance company by the RBI in 2022. That tag carried a three-year deadline to list, which passed in September 2025 with the company still private.

On September 11, the RBI rejected Tata Sons' request to surrender its core investment company registration. The Trusts are now looking at options including merging two firms with Tata Sons to change its regulatory status.

The listing question has split the group. On September 17, Tata Trusts chairman Noel Tata opposed a third term for N. Chandrasekaran as Tata Sons chairman. The rest of the board backed continuity, citing the need for a public listing.

Tata Trusts control about 66 per cent of Tata Sons through their trusts. The group's next legal or regulatory move will decide the fate of India's most watched listing battle.