MUMBAI: Tata Sons chairman N Chandrasekaran is set to present a detailed roadmap of the company’s loss-making new businesses at a crucial board meeting on May 26, as he moves to defuse tensions with principal shareholder Tata Trusts chairman Noel Tata.His presentation will cover Tata Digital and Air India, ventures that have absorbed significant investment but remain under scrutiny over their path to profitability, according to people familiar with the matter.The meeting follows a fractious Feb board session at which Noel raised pointed questions about the performance of the new businesses — an episode that also led to deferring of Chandrasekaran’s reappointment for a third term. It was subsequently decided to carve out these issues and address them separately on May 26. A scheduled June 12 board meeting to approve annual accounts, increments and other matters will proceed as planned.Tata Sons’ new businesses are estimated to have incurred a combined loss of Rs 29,000 crore in FY26, sharply higher than an earlier internal projection of Rs 5,700 crore — a fivefold overshoot that has unsettled Noel and prompted pointed questions at the board level. Tata Digital, which houses BigBasket, Tata 1mg, Croma, Tata CLiQ and super app Tata Neu, is a key concern. Conceived by Chandrasekaran in 2019, the business has yet to turn profitable despite Tata Sons investing over Rs 24,000 crore, including acquisitions. Air India has proved an even heavier drag. It posted a loss of nearly $3bn in FY26, as foreign exchange losses, airspace disruptions and elevated fuel costs took their toll.At the Feb meeting, Noel also stressed the importance of capital discipline and reiterated that Tata Sons should remain unlisted.Some board members pushed back, arguing that capital-intensive new businesses require time to mature, and that any listing decision ultimately hinges on a directive from the Reserve Bank of India.
