Tata Steel’s T V Narendran, Tata Sons CFO Saurabh Agrawal and NSE chief Ashish Chauhan emerge as leading contenders to succeed N Chandrasekaran
New Delhi, September 5, 2026: The race to succeed N Chandrasekaran as Chairman of Tata Sons has reportedly narrowed to three prominent corporate leaders, as the holding company of the US$275-billion-plus Tata Group prepares for one of its most consequential leadership transitions in recent years.
People familiar with the matter said Tata Steel CEO and Managing Director T V Narendran, Tata Sons Executive Director and Group CFO Saurabh Agrawal, and NSE MD and CEO Ashish Chauhan are among the leading names under consideration. The selection process remains underway and no final decision has been announced.
Chandrasekaran, who became Tata Sons Chairman in 2017 and is serving his second five-year term, announced last month that he would not seek reappointment after his tenure ends on February 20, 2027.
Three Candidates, Different Strengths
Narendran is considered a strong internal contender, bringing more than three decades of experience within Tata Steel. He has led the steelmaker through global commodity cycles, major investments and challenges surrounding its European operations. His long association with the group offers continuity and extensive operating experience.
Agrawal represents a finance and strategy-focused alternative. He joined Tata Sons as Group CFO in 2017 and has played an important role in capital allocation, investments and portfolio decisions. His earlier career spans investment banking, corporate finance and strategy, while his Tata responsibilities include board and leadership roles across several group businesses.
Chauhan, meanwhile, is being viewed as a potential external choice. The NSE chief has extensive experience across capital markets, technology and institution building. He was among the founding executives of NSE and previously headed BSE before returning to NSE as MD and CEO in 2022.
Critical Investment Cycle Ahead
The eventual choice comes at an important stage for the Tata Group. The conglomerate is pursuing major investments across semiconductor and electronics manufacturing, electric mobility, aviation and digital businesses.
The next chairman would oversee a group with roughly ₹16.24 lakh crore in revenue and more than 30 businesses, while navigating major strategic decisions involving TCS, Air India, Tata Digital and other companies.
Capital allocation is also expected to become increasingly important as new manufacturing projects and Air India’s expansion require substantial investment. Questions surrounding Tata Sons’ potential public listing and broader governance issues could further shape the next chairman’s agenda.
Other names have also surfaced during discussions, including Tata Trusts Chairman Noel Tata, Tata Sons Group Chief Digital Officer Aarthi Subramanian, Tata Motors CEO Shailesh Chandra and Tata Power CEO Praveer Sinha.
The final appointment will ultimately indicate whether Tata Sons prioritises operating continuity, finance-led capital allocation expertise or a broader external perspective as the conglomerate enters its next phase of growth.
