Tata’s realty business now will include Commercial Real Estate and Housing businesses and will be run as a joint business, said the statement.
N. Chandrasekaran, Chairman, Tata Sons said, “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.”
Sanjay Dutt has been appointed the new Managing Director of Tata Realty and Infrastructure and will also oversee the operations of Tata Housing Development Company. Sanjay Dutt is currently CEO, India Operations and Private Funds at Ascendas – Singbridge and will take charge of his new role from 1st April 2018.
Dutt said, “This is a great opportunity to build scale in a growing sector like a Real estate. I look forward to working with competent professionals in these companies to scale up the business to new heights.”
The statement said that the realty and infrastructure businesses were reorganised “in order to simplify structures, leverage synergies and scale business rapidly.”
“The longer cycle business of Infrastructure Development and Concessions,” will be headed by Sanjay Ubale, who is currently managing director and chief executive of Tata Realty and Infrastructure.
Ubale is been appointed as Head – Infrastructure and Urban Solutions, Tata Sons, and will report to Banmali Agrawala, President – Infrastructure, Aerospace & Defence, Tata Sons. In addition, Sanjay Ubale will also work closely with the Group Chairman on State related policy matters.
“Given that development of world-class infrastructure would be key to India’s economic growth, said Ubale.
Tata Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts, which support education, health, livelihood generation and art and culture.