Full text: Ratan Tata is not stepping down from Tata Trusts

Ratan Tata  on Friday clarified that he will not be stepping down as chairman of Tata Trusts any time soon after several media reports said that the trusts have asked an external consultant to advise them on the process of selecting a new chairman to replace Tata.

Tata Trusts controls a 66 per cent stake in the $100 billion Tata conglomerate's holding company.

Here is the full statement from Tata: 

Further to news reports that have appeared in the media today, Mr. Ratan Tata, Interim Chairman, clarified that there are no plans for his stepping down from the chairmanship of the Tata Trusts at this point in time. 

The reference to the media discussion with some Trustees relate to the process being put in place for the leadership succession in the Trusts in the future, to enable an ordered and smooth transition of leadership.

Mr. Tata also emphasized that the Trusts were undertaking many initiatives that had national impact and he is looking forward to continuing his involvement with these initiatives in the Trusts. He was however keen that a process should be in place for a smooth succession at an appropriate time.