Tata Sons is reorganising its realty and infrastructure businesses in order to simplify structures, leverage synergies and scale business rapidly, the holding firm of Tata Group said in a statement on Thursday.
As part of the reorganisation, the longer cycle businesses of infrastructure will be looked after by Sanjay Ubale, who has been appointed as head-- Infrastructure and Urban Solutions, Tata Sons. Ubale will report to Banmali Agrawala, president - infrastructure, aerospace and defence, Tata Sons. Additionally, Ubale will also work closely with the group chairman on State related policy matters.
Tata’s realty business, Tata Realty and Infrastructure (TRIL) will now also include commercial real estate and housing businesses and will be run as a joint business. Tata Sons has appointed Sanjay Dutt as the new managing director of Tata Realty and Infrastructure. He will also oversee the operations of Tata Housing Development Company, which is likely to become a subsidiary of TRIL after the regulatory approvals. Dutt who is currently the chief executive of India Operations and Private Funds at Ascendas – Singbridge, will take charge of his new role from 1st April 2018.
“The Real Estate and Infrastructure businesses will both continue to grow given the needs of India’s fast-growing economy, and the Tata Group has the resources, skills and scale to make a significant impact. I would like to wish (Mr) Ubale and (Mr) Dutt the very best in their new roles and I am confident that they will be able to make a significant impact on the business,” said N Chandrasekaran, Chairman, Tata Sons said in the statement.
“Given that development of world-class infrastructure would be key to India’s economic growth, I am very excited to be part of this journey in my new role,” said Ubale.
“This is a great opportunity to build scale in a growing sector like Real estate. I look forward to working with competent professionals in these companies to scale up the business to new heights,” said Dutt.