on the public listing of upper-layer  non-banking financial companies (NBFCs).

 Tata Sons, the holding company of India’s largest conglomerate, had total assets of about ₹1.8 trillion at the end of March 2026. The regulatory framework uses an asset threshold of ₹1 trillion for determining whether an NBFC falls within the upper layer.

 One option under consideration, according to analysts, could therefore be to divide Tata Sons’ investment portfolio among separate companies, bringing the assets of each resulting entity below the ₹1 trillion threshold. The portfolio could be split between listed and unlisted investments, or structured along sectoral lines. Analysts said Tata Sons could, for instance, create separate holding companies for financial services; IT, technology and telecoms; electric vehicles and renewable energy; and manufacturing and engineering businesses. Such a structure would potentially keep each entity below the asset threshold while preserving the group’s underlying ownership structure.

 Indian conglomerates have previously used corporate splits and demergers to separate businesses into new companies. Reliance Industries, the Bajaj group and the Aditya Birla group have all undertaken such restructurings.

 The Tata group itself split Tata Motors last year into separate passenger-vehicle and commercial-vehicle businesses.