Tata Sons, Trusts to set up a new Trust for long term care of AI victims

Chairman N Chandrasekaran told Tata Sons' board that a dedicated trust will be created with Tata Trusts to provide long-term support to victims' families

N Chandrasekaran, chairman of Tata Sons, today informed the board that Tata Sons and Tata Trusts will jointly establish a dedicated trust to provide long-term assistance to the families of those killed in the Air India crash.

 

Chandrasekaran briefed the board of directors on the steps taken by the Tata group to support the families affected by the Air India tragedy on June 12. 

 

As chairman of Air India, Chandrasekaran is working closely with the airline to ensure that relief and rehabilitation measures are swiftly implemented for those impacted by the crash, which claimed over 270 lives, including people on the ground.

 

 

Tata Sons, which holds a majority stake in Air India, also owns a controlling interest in Tata AIG General Insurance—one of the insurers in the consortium that provided coverage for the airline. However, as most of the risk was reinsured with international insurance companies, the losses for the Tata company in terms of insurance payout are expected to be limited.

 

Tata Sons did not respond to an email seeking comment on the board meeting.