Noel Tata will resign from the post of Chairman of Voltas after completing 70 years of age in November this year. He himself informed the shareholders about this in the 72nd Annual General Meeting (AGM) of the company on Tuesday. Addressing the shareholders, Voltas Chairman Noel Tata said that as you all are probably aware, this is my last Annual General Meeting as Chairman. Decision due to policy of Tata Group, Noel Tata also removed from Trent, he is going to turn 70 in November this year. As per Tata Group’s corporate governance policy, all executive directors retire at the age of 65 and non-executive directors at the age of 70. Under the same policy, Noel Tata had also resigned from the post of chairman of Tata Group’s retail arm Trent last week. Noel Tata took over the command of Voltas in 2017. Noel Tata took over the post of Chairman of Voltas in the year 2017. Apart from Voltas, he is also going to retire from the boards of many other big companies of Tata Group by the end of this year. These companies include Titan, Tata Investment Corporation, Tata Steel and Tata International, from where they will exit by the end of this year. Voltas sold more than 10 lakh ACs in the first quarter. Voltas had announced earlier this month that the company has made a record of selling more than 10 lakh air-conditioners within the first three months of the financial year 2026-27 (FY27). This strong sale of the company has got a lot of help from the scorching heat this year and the large distribution network of Voltas. Big growth expected in consumer durables industry Talking about the country’s consumer durables industry, Noel Tata said that this sector is expected to emerge as one of the fastest growing segments in the Indian economy. He said that this sector is getting strong support from the large and rapidly growing middle class in the country, increasing disposable income of people and increasing penetration in semi-urban and rural markets. White goods segment to be worth Rs 2.5 lakh crore by 2030 Noel Tata further added that this sector has excellent long-term potential due to the structural changes taking place towards sustainability, digitalisation and regional supply chain realignment. According to the projection, this entire industry can grow at a compound annual growth rate (CAGR) of 11% to reach Rs 3 lakh crore by the financial year 2028-29 (FY29). At the same time, the white goods segment of this industry is estimated to reach Rs 2.5 lakh crore by the year 2030. Impact of Global Challenges on Business Sentiment What are White Goods White goods include heavy home appliances like ACs, fridges and washing machines, which were traditionally made in white colour. Compound Annual Growth Rate is a way of measuring the average annual growth of an investment or industry, which accurately reflects long-term development. Also read this news… India’s UPI service started in Greece: Now Indians will be able to make digital payments in 10 countries of the world; Live demo took place in the presence of Piyush Goyal. India’s Unified Payments Interface (UPI) has now gone live in Greece also. Greece has become the new country to join this digital payment network. A live demo of this service, launched in partnership between Eurobank and NPCI International Payments Limited, was also seen at Eurobank’s headquarters in Athens. Read the full news…
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Noel Tata will step down as Voltas Chairman in November: Announcement in the company’s 72nd AGM; Told the shareholders- this is my last annual general meeting
