The Tata Trusts Ask Tata Sons To Explore Options Other Than Listing - The Tata Model Has To Be Saved

Mr. Noel N. Tata, at the Tata Sons Board meeting held today, reiterated the position of the Tata Trusts regarding preserving the more than a century old structure of Tata Sons and the Tata Group which has steadfastly stood for the national good.

The Tata Trusts have not agreed to listing of Tata Sons. The communication received from the Reserve Bank of India on 11th September 2026 was discussed at the board meeting today. The Board agreed that all available options, and not listing alone, should be thoroughly explored and assessed on an immediate basis, with the findings and recommendations presented to the Board.

Following this review, a separate Board meeting will be convened to consider the assessment and determine the appropriate course of action.

In this context, it may be noted that the Tata Sons Board had already considered the matter of public listing and reached a unanimous conclusion in March 2024, under the guidance of the late Mr. Ratan Tata, and had resolved that the Company should remain unlisted. In July 2025, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, also unanimously passed resolutions that the Company should remain unlisted and the same was duly communicated to Tata Sons for necessary action. Accordingly, the position of the Tata Trusts has remained consistent and unchanged.

Mr Noel N Tata, Chairman, Tata Trusts, while speaking about the House of Tatas, stated that Tata Group was conceived as a national service carried on through business and has conducted itself so in this manner for over a century. The structure of its ownership is what has allowed it to remain so and has permitted Tata Sons to act repeatedly in ways that a purely commercial calculus would not have supported. Therefore, what is at stake today is something very fundamental: the nature and character of the Tata Group as a unique institution. What makes the Tata operating structure unique is that it is premised on trust and its majority shareholder is a charity. That charity funds hospitals, universities, and research from the dividends it receives. It exists for public purpose and for nation building.

He went on to state, “That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle.”

The Trusts support a constructive, informed, and lawful process that enables all permissible options to be examined comprehensively, with due regard to protecting the long-term public interest. The Tata Trusts will continue to engage with Tata Sons and the relevant authorities to support a fair, transparent, and legally compliant process.

The detailed statement presented by Mr Noel N. Tata to the Board of Tata Sons, in this matter, is annexed.

About Tata Trusts

Since its inception in 1892, Tata Trusts, India’s oldest philanthropic organisation, have played a pioneering role in bringing about an enduring difference in the lives of the communities it serves.

Guided by the principles and the vision of proactive philanthropy of the Founder, Jamsetji Tata, the Trusts’ purpose is to catalyse development in the areas of health, nutrition, education, water, sanitation and hygiene, livelihood, digital transformation, migration and urban habitat, social justice and inclusion, environment and energy, skill development, sports and arts and culture. The Trusts’ programmes, achieved through direct implementation, partnerships and grant making, are marked by innovations relevant to the country.

For more information please visit: www.tatatrusts.org

Tata Trusts’ Chairman Tables Proposal For Providing Liquidity To The SP Group

At the Board meeting of Tata Sons Private Limited (“Tata Sons”) held today, Chairman, Tata Trusts, Mr. Noel N. Tata, tabled a proposal received from the Shapoorji Pallonji Group (“SP Group”) regarding monetization of a portion of the Tata Sons shareholding held by Sterling Investments Corporation Private Limited (“SICPL”) and Cyrus Investments Private Limited (“CIPL”). This was in the context of meetings and discussions held earlier between Mr. Noel N Tata, Mr. N. Chandrasekaran and Mr. Shapoor Mistry.

The transaction envisages a sale of such number of Tata Sons shares held by SICPL and CIPL as would, at a minimum valuation, as determined in accordance with Rule 11UA of the Income Tax Rules 1962, yield a gross consideration of Rs. 25,000 crores. It was also indicated that the following structure would be acceptable to the SP Group:

1. The share buyout would be carried out in two tranches over an eighteen-month period;

2. Tata Sons would initiate a selective capital reduction process through the NCLT;

3. Valuation of Tata Shares would be done as per Income-tax fair value.

Mr. Noel N. Tata suggested that various avenues could be used for the purpose of raising the funds required for this purpose, including from internal cashflows; sale of listed shares; bringing in an investor into some of the newer businesses and listing, upon an offer for sale, of some of the businesses. He requested the Board to take the necessary steps for initiating the NCLT process and authorise the operating team of Tata Sons and the Tata Trusts to continue discussions with the SP Group, and the bankers, and report to the Board.

This is in continuation and reaffirmation of the Tata Trusts’ desire to offer a fair and equitable solution to the SP Group in respect of their holdings in Tata Sons.

About Tata Trusts

Since its inception in 1892, Tata Trusts, India’s oldest philanthropic organisation, have played a pioneering role in bringing about an enduring difference in the lives of the communities it serves.

Guided by the principles and the vision of proactive philanthropy of the Founder, Jamsetji Tata, the Trusts’ purpose is to catalyse development in the areas of health, nutrition, education, water, sanitation and hygiene, livelihood, digital transformation, migration and urban habitat, social justice and inclusion, environment and energy, skill development, sports and arts and culture. The Trusts’ programmes, Press Release achieved through direct implementation, partnerships and grant making, are marked by innovations relevant to the country.

For more information please visit: www.tatatrusts.org

Statement Made By Mr. Noel N. Tata In The Tata Sons Board Meeting Held On 17 September 2026

Dear Board Members,

1. The Company recently received a communication dated 11 September 2026 from the Reserve Bank of India declining its application for voluntary surrender of its certificate of registration. That application was made in March 2024 pursuant to a unanimous resolution of this Board. This Board has already taken a decision on the question of whether this Company remains unlisted. A matter of this kind requires papers, explanations, advice and time, and I have no doubt that these are being assembled. The Board will need a full briefing.

2. Nothing in this statement is either directed at any individual or at the regulator. It is at first directed at a process, and at what I respectfully suggest this Board should now do.

3. I also record that the conduct of the House of Tatas and the Company has been that of an institution which has gone above and beyond in complying with the law of the land. When it was restricted from accessing bank funding, it repaid those borrowings. When a debt free profile became necessary, it repaid its borrowings and prematurely redeemed preference shares. When the core investment company rules were tightened, it divested its holdings outside the Group. At no stage has the Company sought to place itself beyond the reach of regulation. It has sought only to preserve a structure that existed for over one hundred years.

4. Turning to the 11 September 2026 communication received from the Reserve Bank of India, it is important to first understand precisely what this communication says. It records that the Company's request for voluntary surrender of its certificate of registration cannot be acceded to, and it advises the Company to take necessary actions to ensure full compliance, immediately, with the guidelines and instructions applicable to a non-banking financial company in the Upper Layer. It does not mention listing. It prescribes no particular step, and it does not say that the Company is in breach. What its legal effect is, and what it requires of this Company and by when, are questions upon which this Board has formed no view. Before it can do so it must be briefed upon what has passed between the Company and the Reserve Bank over the last two and a half years, upon the submissions that were made and the responses received, upon what options were explored during that period and with what result, and upon the options which remain available now. It must then take considered legal advice of Counsel. Only upon that footing can this Board determine the legal implications of what it has received and how the Company should deal with it in the best interests of the Company and of its stakeholders. It is necessary to take these steps immediately, and we should begin at once. What is at stake

5. Tata Sons is not a holding company in the ordinary sense. Approximately 66% of its equity is held by the Tata Trusts. Dividends received from the operating companies flow, through the Trusts, into public charity. The interests which Tata Trusts bring to this Board is public interest held for the millions of beneficiaries of the charities which the dividends of this Company sustain. The commercial enterprise and the philanthropy are not adjacent to one another; they are one structure seen from two ends.

6. That structure is more than a hundred years old, and it has permitted this Company to act, repeatedly, in ways that a purely commercial calculus would not have supported. Sir Dorabji Tata pledged his personal assets to preserve Tata Steel. This Company proactively infused funds to protect depositors and creditors when unauthorised diversions were discovered at Tata Finance in 2001. It similarly chose to settle liabilities of Tata Teleservices running into tens of thousands of crores of rupees, including amounts owed to its joint venture partner and to lenders, when it was under no immediate compulsion to do so.

7. Each of those decisions was taken because of what the Tata Group considered it owed to depositors, to counterparties, to lenders and to its own name. Each of them spared the Indian financial system write offs of a very substantial order. They were acts of stewardship, and they were possible because the shareholder base of this Company permitted them. The Tata Group was conceived as national service carried on through business and has been so conducted for more than hundred years and the structure of its ownership is what has allowed it to remain so.

8. The same characteristic explains the part this Company has played in the building of the country: the first integrated steel plant, the first Indian airline, institutions of science, medicine and social research on which the nation still relies, and more recently commitments in semiconductors, electronics manufacturing and civil aviation that require patience measured in decades rather than in quarters. No listed holding company in India has been asked to carry that load, and it is worth asking whether a listed one could.

9. The principal activity of this Company is to invest in and support the companies of the Tata Group. If Tata Sons is publicly listed, the rights of Tata Trusts as majority shareholders stand to be seriously impaired.

10. A listed Tata Sons would be accountable to institutional and foreign shareholders whose legitimate interest is financial return. It is doubtful that such shareholders would sanction the deployment of capital to rescue a Group company in distress, or the funding of a greenfield venture whose returns lie fifteen years away. That is not a criticism of them. It is a description of their mandate, which is not ours.

11. What is at stake is something very fundamental. The nature and character of the Tata Group as a unique institution. The settled position of this Board

12. This Board has already considered this question and reached a conclusion. In March 2024, under the guidance of the late Mr. Ratan Tata, it resolved, unanimously, that the Company should remain unlisted, and that it should apply to the Reserve Bank of India for voluntary surrender of its certificate of registration.

13. That resolution was implemented, at very considerable cost. The Company repaid borrowings and prematurely redeemed preference shares aggregating approximately Rs 20,000 crore, funded from internal resources and from the monetisation of Group holdings, and resolved not to borrow monies which it has not done in the 30 months since March 2024.

14. A company does not commit Rs 20,000 crore to preserve form. It does so to preserve substance. The considered and unanimous assessment of this Board was that the substance was worth the price. The Company has progressed very far in this journey.

15. I would add what ought to be obvious but is worth saying aloud. That resolution has never been placed before this Board for reconsideration. No director has moved that it be revisited. No note has been circulated inviting the Board to take a different view. No item to that effect has appeared upon any agenda, including today's. It is and remains the standing decision of this Board, and it will remain so until this Board, sitting as a Board, decides otherwise. The Board has no choice but reinforce and reiterate its prior resolution to do everything that needs to be done to ensure that the Company remains private.

16. I ask the Board to unanimously hold that assessment steadily in view. The resolution remains unaltered and intact, and nothing that has occurred since has altered it. The Reserve Bank has not held the Company's reasoning to be wrong. It has declined an application for voluntary surrender of registration without providing any reasons. I am informed that the Reserve Bank has lodged caveats in anticipation of challenge to its decision which I understand is an unusual step for a regulator.

17. In any case, the resolution passed by this Board is in full force. The very same RBI Scale Based Regulations that require an Upper Layer- NBFC to mandatorily list also expressly provides that an Upper Layer- NBFC can move out of the enhanced regulatory framework if the movement is on account of voluntary strategic move to readjust operations as per a Board approved policy. We must explore all avenues and possibilities to move out of the regulatory framework that requires mandatory listing and engage fully with the RBI for this purpose. The position of the majority shareholder (Tata Trusts)

18. To strengthen the Company’s resolve to remain unlisted, Tata Trusts, the majority shareholders also spoke, and they did so formally. In May 2025, the Trustees of Sir Dorabji Tata Trust and Sir Ratan Tata Trust unanimously agreed that if Tata Sons were to be listed, it would have far reaching implications for the Trusts. Subsequently in July 2025 Sir Dorabji Tata Trust and Sir Ratan Tata Trust each passed resolutions, again unanimously, recording that the Company should remain unlisted, and requesting the Chairman of Tata Sons to explore all available avenues to ensure that there was no change in the status of the Company as it then stood, and that the Company engage fully with the Reserve Bank of India to that end. The Chairman of Tata Sons was requested to keep the Trusts informed of the progress of the above matters.

19. A formally recorded and unanimous position of the majority shareholder is a matter to which this Board must give the most serious weight. Those resolutions remain unamended and unrescinded, and they continue to be the unequivocal voice of Tata Trusts on this topic.

20. Nor has any Trustee of either Trust moved for the reconsideration of those resolutions. No meeting has been convened to revisit them. No proposal to amend or to rescind them has been tabled.

The RBI Decision of 11 September 2026

21. At the meeting of this Board in September 2025, the Chairman assured the directors that all necessary steps were being taken to ensure that the Company maintained its unlisted status. I accepted the assurance as sincerely given. Today’s meeting outcome will validate if that statement was sincerely given.

22. That was not the only occasion on which the matter was addressed. At the meeting of this Board on 24 February 2026 when we were discussing the Chairman’s re-appointment, one of the issues on which I asked the Chairman to publicly state his personal determination and desire was for the Company remaining private and if the Company is doing everything to remain private. In response, the Chairman reiterated that the Company has taken all necessary steps to remain private. I do not read the assurance given in September 2025 and February 2026 as having expired. What were the options explored by the management to avoid public listing? What was the level of engagement with the regulator on this front? The Board has not been briefed on this. I call upon the Chairman and the relevant officials to fully brief the Board on the journey of this engagement at a subsequent meeting. Whatever this Company now proposes to do in response to the communication of 11 September 2026, it should proceed upon a position at which Tata Sons and the Tata Trusts have arrived together.

23. Going forward, the Tata Trusts must be engaged at every step and not informed of the outcome afterwards. Any structural step towards a listing will in any event require shareholder approvals which only they can give, so their involvement is not merely desirable but unavoidable, and it is better secured by deliberation now than sought by requisition later. And the Trustees have obligations of their own, owed to the objects of the Trusts and answerable elsewhere, which they cannot discharge upon information they receive after the event. I would therefore ask that the Trusts be involved in and consulted before any submission is made to the Reserve Bank, before any adviser is appointed, and before any position is taken on structure or on timing.

24. The communication dated 11 September 2026 has reached this Board without a warning. In a matter of this importance, pending for two and a half years, in which the Company was said to be in close and continuous engagement with the regulator, it is ordinarily expected that a company in such engagement would have had some sight of the direction in which the decision was moving, which would have necessitated an update to the Board so that the Company could take necessary measures and actions. I have asked the Company for a complete set of documents and information in relation to this matter. The Company should make all efforts to get all information regarding this matter. The Company should consider making an application to the Reserve Bank under the Right to Information Act and request the Reserve Bank to provide a copy of the complete file and notings so that the basis of the decision is before this Board.

The way forward

25. We must look forward and not back, and I intend this statement to do so. I do not propose an inquest. I propose a plan.

26. The communication of 11 September 2026 declines an application for voluntary surrender of registration. On my reading, it does not say that listing is the only option. Considerable room remains, and this Board should occupy that room rather than concede it.

27. First, the Company, in consultation with Tata Trusts should make a detailed representation for reconsideration and must fully engage with the regulator. At least one comparable investment holding company, having repaid its borrowings, was permitted to surrender its certificate of registration and to continue as an unregistered core investment company. If there is a distinction between that case and ours, the Company is entitled to know what it is.

28. Second, the Company should ask to be heard by the regulator before any final view is taken upon that representation. No such hearing seems to have been given and the regulator’s decision of 11 September 2026 thus does not abide by the notions of fairness and natural justice.

29. Third, the Company must explore all permissible avenues and options to avoid public listing. As I indicated earlier, the letter from the regulator does not even name listing. There are other options and avenues available. The Company can consider restructuring, for example. As stated above, the regulations themselves contemplate other options. All such avenues and options must be explored.

30. Fourth, the Board, in consultation with Tata Trusts, must obtain legal advice from Counsel upon the remedies available in respect of the communication, so that it may take its decisions with knowledge of its options. I express no view today upon whether any such remedy should be pursued. I say only that a board ought to know what it may do before it decides what it will do. It needs detailed advice.

31. Fifth, and this is without prejudice to all the rights and contentions of the Company, the Company should engage with the regulator immediately upon the question of time. Even assuming for argument’s sake that a listing was required, and the only option is that the Company must list, the Company should be given a period of three years to comply. The three-year period should start now.

32. Under RBI’s Scale Based Regulatory framework, a company identified as an upper layer non-banking financial company is ordinarily allowed three years within which to list.

That is the period which the regulator has itself judged reasonable for an undertaking of this nature.

33. Whatever view is taken of the position between 2022 and today, this Company has never previously been told, in terms, that it must list. It applied in good faith, and in time, for a route that would have rendered listing inapplicable, and it then awaited a decision which took two and a half years to arrive. A period during which a company is awaiting its regulator's decision cannot fairly be counted against it. During this period statements in the media from the regulator indicated that the matter was under consideration. There was nothing to suggest that the application was rejected or even likely to be rejected.

34. The Board should therefore seek a period of not less than three years from the date of the communication (i.e. till September 2029) and should state plainly why such a period is necessary rather than merely comply.

35. The reasons are substantial. The requirements for listing include the recasting of the Articles of Association and the shareholder approvals which that recasting will require; the preparation and restatement of consolidated financial statements to the standard demanded of an offer document; the appointment of intermediaries, the conduct of due diligence and the resolution of valuation; the present financial commitments of recently acquired and newly formed subsidiaries, including in civil aviation, and the losses and borrowings which a consolidated presentation will disclose; long gestation commitments

in semiconductors and electronics manufacturing whose returns lie well beyond any reasonable offer horizon; and the market's present appetite for holding company paper.

In addition, given the huge losses of Air India and Tata Digital, a public issue at this time will be detrimental to the shareholders and the Company. This will take several months if not years.

36. An offering made in haste, into a market presented with a consolidated picture that has not been allowed to mature, would serve neither the Company, nor its shareholders, nor even the shareholder that seeks liquidity, nor the standing of the Indian capital markets.

An orderly transition over a proper period serves every interest, including the regulator's own. This is not, today, the right forum

37. The Tata Trusts have already taken an unequivocal decision upon this question. If that decision is now to be revisited, it must first be revisited where it was taken. The Trustees will need to deliberate, and the directors nominated by the Trusts will thereafter act upon the position which the Trustees reach.

38. For this Board to vote first, and for the Trusts to deliberate afterwards, would invert the order in which these matters must proceed. It makes no sense at all. If I am forced to vote, then I would have no option but to veto any such decision to list.

In conclusion

39. This Company holds something in trust. Its majority shareholder is a charity. Its dividends fund hospitals, universities and research for which no shareholder will ever be repaid. Its capital has repeatedly been placed at risk for reasons no analyst would have endorsed and from which the country has nonetheless benefited. That is not sentiment. It is the operating model of this House, and it has stood the test of time for more than a century. A listing will destroy its character and strike at the heart of this principle.

40. I request that this statement be recorded in full in the minutes of this meeting, and that a copy be circulated to all directors together with the draft minutes.

Mumbai, 17 September 2026. 

Jassper Shipping To Invest RS 450 Crore Over Three Years To Power India’s Cargo Boom

*Hyderabad-based freight logistics firm to spend Rs 90 crore in first phase across power, steel, cement, agriculture, fertilisers and infrastructure sectors

Jassper Shipping, an international cargo logistics company that moves everything from heavy machinery and cement to food grains, fertilisers and farm produce, today announced it will invest up to US$50 million (approximately Rs 450 crore) over the next three years to expand its services across India, the Gulf region and other international markets.

The investment will be made in stages by the company's promoters and is subject to market conditions, regulatory and board approvals. It comes at a time when India is rapidly building new infrastructure and expanding its farming, manufacturing and trade sectors, all of which need goods and materials moved safely from factories, farms and ports to the places where they are needed.

In the first phase, the company will spend US$10 million (approximately Rs 90 crore) to strengthen its cargo-moving business across a wide range of sectors: power, steel, cement, agriculture, fertilisers, petrochemicals, construction materials, heavy engineering, manufacturing and large infrastructure projects.

The demand for such services is growing fast. India's major ports handled over 915 million tonnes of cargo in 2025–26, about 7 per cent more than the year before, according to the Ministry of Ports, Shipping and Waterways. The government has also set up 142 Gati Shakti Cargo Terminals across the country as of July 2026, adding roughly 224 million tonnes of new freight-handling capacity every year, according to the Ministry of Railways.

"India is going through a long phase of building new infrastructure, expanding factories and growing its farm and trade sectors. All of this creates big opportunities for a company like ours that moves cargo of every kind, whether it is heavy machinery for a power plant, cement for a highway, or fertilisers and food grains for farmers. Our Rs 450 crore investment will help us build the scale and capability to serve this growing demand," said Pushpank Kaushik, CEO and Head of Business Development (Subcontinent, Middle East and Southeast Asia), Jassper Shipping.

In simple terms, whenever large goods need to be moved, whether it is heavy machinery for a power plant, cement and steel for a highway or dam, fertilisers and food grains for agriculture, or bulk materials for a factory, they often arrive by ship at a port and then have to be carried by road, rail or river to the final destination. Jassper Shipping handles this entire journey: arranging ships, loading and unloading cargo, and delivering it safely to the site. The company works with large construction firms, manufacturers, agricultural traders and industrial groups. Its network stretches across Southeast Asia, Africa, the Arabian Gulf, the Red Sea and the Far East, and it now plans to strengthen its presence in India and the Gulf.
About Jassper Shipping

Founded in 1993, Jassper Shipping is an international shipping and logistics company providing project logistics, breakbulk logistics, bulk logistics, ship chartering and industrial supply chain solutions. The company has operations and network coverage across Southeast Asia, Africa, the Arabian Gulf, the Red Sea and Far East Asia, and works with a large network of clients and vendors.

Over the years, Jassper Shipping has expanded into specialised logistics and allied businesses, including Jassper Fuels, while also integrating electric vehicles into its distribution logistics as part of its broader focus on technology-enabled and sustainable logistics solutions.

Website: www.jasspershipping.com 

Nike Alphafly 4 Helps More Runners Go The Distance With Speed And Confidence

What is it?
Nike Alphafly 4 is the lightest, most responsive Alphafly yet, built from the ground up to help more runners experience marathon speed.

Who’s it for?
Alphafly 4 is made for marathoners, from the elites chasing podiums to everyday runners chasing personal bests.

What’s new?
Nike refined every major component of Alphafly to create a smoother, more efficient marathon experience. The result is a shoe that delivers 10 percent more energy return than its predecessor; is 5 percent lighter in a men's size 8.5; and features a new Atomknit upper, ZoomX LT foam, updated Air Zoom units, a carbon-fiber Flyplate and Fast Shot outsole.

When is it available?
Alphafly 4 will be available for an early, limited release September 17 at nike.com, followed by broader availability October 29 at nike.com and select retail locations.

More Runners. More Speed. More Possibility.

Nike is introducing Alphafly 4, a marathon racing shoe rebuilt as a complete system to help more runners carry speed over distance. The shoe delivers 10 percent more energy return than its predecessor; is 5 percent lighter in a men's size 8.5; and features a new Atomknit upper, ZoomX LT foam, updated Air Zoom units, a carbon-fiber Flyplate and Fast Shot outsole.

The challenge was not making a fast shoe faster. The challenge was helping more runners hold onto speed and efficiency as fatigue changes the race.

Built on a legacy that helped redefine marathon racing, Alphafly 4 balances propulsion, cushioning, comfort and stability to help runners stay connected to their pace, form and goals from the first mile through the final push.

"A marathon is dynamic. With Alphafly 4, we spent years listening to athletes, studying how fatigue impacts performance and running mechanics, refining every element of the system to help runners maintain efficiency when it matters most," says Emily Farina, Senior Principal, Running Footwear, Nike Sport Research Lab. "Our goal was simple: create a shoe that helps athletes feel more confident and capable deep into the race. That's what Alphafly 4 was built to do."

Alphafly 4 Carries Speed Further

There comes a point in every marathon when maintaining speed becomes harder than finding it. Alphafly 4 was rebuilt for that moment.

A new Atomknit upper offers a more precise fit with less distraction, helping runners feel comfortable, secure and focused over distance. A soft, breathable and fully seamless construction features zoned midfoot cables, an integrated heel unit and a molded sock liner for added security in every stride.

New ZoomX LT foam is up to 17 percent lighter than standard ZoomX foam; offers 8 percent more energy return; and delivers a softer sensation, supreme cushioning and added bounce. The new foam combines with ZoomX and is layered above and below the Flyplate to create a complete cushioning system designed specifically for the demands of long-distance racing.

A carbon-fiber Flyplate brings together stability and propulsion while retaining Alphafly’s signature propulsive scoop, working with the surrounding cushioning to create a smooth rolling sensation that supports forward momentum and a consistent cadence.

Dual forefoot Air Zoom units are tuned to quietly work together with the foam and Flyplate to deliver responsive race-day propulsion.

A lightweight Fast Shot outsole ensures optimal traction and grip, helping runners stay connected to the road with every stride.

In all, Alphafly 4 is built for long-distance racing and personal-best pursuits, helping runners stay connected to their race deeper into the marathon.

"Nike Alphafly 4 gave me confidence from the start line to the finish," says Nike athlete Addisu Gobena of his recent winning marathon in Sydney. "When the race became difficult, I trusted the work I had done and trusted the shoe beneath me. As athletes, we are always chasing what comes next, and I believe Alphafly 4 shows how much opportunity exists to push marathon performance forward."

Built for Marathon Speed

Athlete feedback collected across multiple generations of Alphafly helped guide the shoe’s development. Learnings from Nike’s Project Dreamweaver, extensive women’s trials, and insights from distance runners of all abilities and intensities informed improvements to stability, smoothness, comfort and confidence over distance.

That process reflects a system that connects athlete insight, Nike Sport Research Lab testing and product innovation. Athletes help identify the problems worth solving. Scientific research helps uncover new opportunities. Designers and engineers bring those learnings together in innovations built around how runners actually move and perform.

The results speak for themselves:

Eliud Kipchoge’s sub-2-hour marathon

The late Kelvin Kiptum’s marathon world record

Sifan Hassan claiming gold in the women’s marathon in Paris

Conner Mantz's American marathon record

Jacob Kiplimo’s half-marathon world record

Gobena’s marathon course record in Sydney

Records prove what is possible. Confidence is what runners take with them to the start line.

Alphafly 4 is built to help runners stay stronger a little longer, hold on a little deeper into the race, and discover what’s possible over 26.2 miles.

"I've run in just about every race day shoe out there, and Alphafly 4 is my No. 1 pick," says Meaghan Murray, a member of the Alphafly 4 prototype testing cohort. "It has the most propulsive yet comfortable and cushioned ride I've experienced in a race shoe. It is softer and bouncier than before, and the upper is comfortable and accommodating."

Nike Racing Footwear Lineup

Alphafly 4 is part of Nike’s Racing footwear lineup, an innovative collection built around different runners, distances and goals –– whether they’re toeing their first starting line, seeking a faster 10K, chasing a personal best in the marathon, or looking to shave a second off a historic benchmark.

Each shoe has a job, and each one is tuned as a system: Air to return energy, foam to manage cushioning and weight, a plate to shape the transition, and an upper to contain the foot.

Nike built each silhouette to serve a specific runner, distance and goal. Stay tuned for more Nike Racing footwear designed for every race-day pursuit — coming to podiums around the world.

The Nike Alphafly 4 will be available for an early, limited release September 17 at nike.com, with broader availability October 29 at nike.com and select retail locations. 

The Tata Trusts Maintain The Resolution To Re-Appoinment Of N. Chandrasekaran As Tata Sons Chairman

* Position reiterated at the Tata Sons Board Meeting, by Noel N. Tata, Chairman, Tata Trusts, following a move to revisit N. Chandrasekaran's reappointment; Selection Committee to proceed in accordance with the Articles of Association

The Tata Trusts today reiterated their considered position that the decision of Mr. N. Chandrasekaran, Chairman of Tata Sons, not to offer himself for reappointment upon the conclusion of his current tenure on 20 February 2027, has been duly accepted and has attained finality.

Mr. Chandrasekaran communicated to the Tata Sons Board, his own decision not to offer himself for reappointment- a decision that was freely taken, clearly expressed and not the outcome of any process of review. It was made public without prior intimation or any deliberations with the shareholders of the company. Once such a decision has been publicly communicated, it has consequences which cannot be afterwards undone, since the Group’s employees, its lenders and counterparties, the market and the majority shareholder have all proceeded on it.

The Tata Trusts formally placed on record their acceptance of the decision the following day and advised Tata Sons to initiate the process for setting up a Selection Committee for appointing a successor, in accordance with the Articles of Association of Tata Sons.

The Trusts’ position remains unchanged, as a considered judgement of a majority shareholder. This position was reiterated in today’s board meeting by the Chairman, Tata Trusts. The resolution seeking to reappoint Mr. N. Chandrasekaran in the Board meeting today, with four Directors voting in favour, and Mr Noel Tata against, was a legal nullity in view of the provisions of the Articles of Association of Tata Sons. Specifically speaking:

The process for appointing a Chairman under the Article of Association requires a majority of the Trusts’ Nominee Directors voting in favour of the resolution.

That process applies equally to a first appointment and to reappointing someone who already holds the office.

The Board, accordingly, cannot lawfully hold a meeting or pass a resolution on the Chairman's appointment or reappointment unless both nominee directors are present, and cannot validly pass such a resolution unless both nominee directors vote in favour. Given that Mr Noel Tata, being one of the Trust nominee directors, voted against the proposal, it was rendered legally void and without any basis.

Mr. Noel N. Tata further submitted a legal opinion obtained from Justice Dr. DY Chandrachud (former Chief Justice of India) regarding the correctness of the Trusts’ stand. The same was not taken note of by the Board.

The detailed statement presented by Mr Noel N. Tata to the board of Tata Sons, with regard to the proposal for the said reappointment, is annexed.

The Tata Trusts remain committed to ensuring an orderly and timely leadership transition in the long-term interests of Tata Sons and the Tata Group.

About Tata Trusts

Established in 1892, the Tata Trusts are India’s oldest and amongst Asia's largest philanthropic institutions. They have played a pioneering role in bringing about an enduring difference in the lives of the communities they serve, advancing equity, resilience, and shared progress. Inspired by the vision of the Founder Jamsetji Tata and guided by a legacy of proactive philanthropy, the Tata Trusts work to catalyse systemic and sustainable change across diverse areas by building institutions, strengthening public systems, and accelerating socio-economic development in a wide variety of areas- healthcare; nutrition; education; water, sanitation and hygiene; urban and rural livelihoods, amongst others. The Trusts build meaningful solutions, bridging tradition and innovation, through collaborations that nurture grassroots efforts, empower change makers, and touch lives across India.

For more information please visit: www.tatatrusts.org

Tenthpin Launches AI, IoMT-Based Centre For Life Sciences Innovation Hub In Bengaluru

Switzerland based Tenthpin Management Consultants, a global leader in management and technology consulting for Life Sciences companies, today announced the launch of Innovation Hub in Bengaluru, establishing a Global Centre of Excellence dedicated to advanced therapies that delivers a cutting-edge AI and cloud-driven solutions that help organizations accelerate and transform complex gene, cell, and tissue treatments into life-saving medicines.

By bringing together deep scientific expertise, and industry-leading technology partnerships, this centre serves as a hub for innovation to supports biotech and pharmaceutical organizations at every stage of the transformation journey from early-stage research and process optimization to scale-up, manufacturing, and regulatory readiness reducing time-to-market while upholding the highest standards of quality. Through AI-powered analytics, predictive modelling, and cloud-based collaboration tools, the Centre enables faster decision-making, greater reproducibility, and more efficient use of resources, ultimately helping bring transformative therapies to patients who need them most.

The latest state of art facility at Global Tech Park, Koramangala was inaugurated by Mr Juergen Bauer, Founder and Chairman of the Executive Board of Tenthpin, in the presence of Mr. Michael Schmidt, Founder and Member of the Executive Board of Tenthpin and Mr. Sachin Bhure, Partner and Managing Director, Tenthpin India.

As the Life Sciences industry continues to evolve through new scientific and technological advances, companies require innovative digital solutions to address emerging market needs. Tenthpin’s Innovation Hub in Bengaluru is focused to meet these challenges by developing unique solutions and deliver services that help organizations navigate today’s industrial needs and prepare for the future. Built on leading cloud technologies, these innovations support pharmaceutical, biotechnology, healthcare, animal health and CDMOs in accelerating growth while maintaining regulatory compliance, which is a core for these businesses. The Innovation Hub will focus on next-generation capabilities such as Artificial Intelligence, Internet of Medical Things, (IoMT) Advanced Therapy Medicinal Products (ATMPs) and Intelligent clinical Supply chain providing the industry with scalable, future-ready solutions.

Speaking on the occasion of the launch, Mr. Juergen Bauer said, “Our new office in Bengaluru is more than an expansion — it’s an investment in the future of Life Sciences innovation. Scaling and expanding of our presence in Bengaluru underscores Tenthpin’s strong belief in the power of Indian talent and innovation. India has proven to be a cornerstone of our global delivery model — combining expertise, technical excellence, and a deep commitment to quality.” He also added, “India’s exceptional talent and deep technology expertise align perfectly with Tenthpin’s mission to redefine how global Life Sciences organizations run their businesses. Together with our teams in Pune and Hyderabad, our Bengaluru team will be at the heart of co-creating intelligent, compliant, and transformative solutions. We are excited to expand an Innovation hub that not only delivers excellence but also fosters collaboration, creativity, and long-term value for our clients and partners by deliver high-value services and next-generation digital solutions to our life sciences clients worldwide.”

The Innovation Hub in Bengaluru will serve as a global hub for revolutionizing and further enhancing next-generation AI-based products and accelerators that help Life Sciences companies simplify complexity, ensure regulatory compliance and scale efficiently in a rapidly evolving digital ecosystem. This centre will also collaborate with local research institutions, universities, and industry partners to drive advancements of Life Sciences in India.

Speaking on the occasion, Mr. Michael Schmidt said, “Opening of our new office in Bengaluru marks an important milestone in Tenthpin’s global growth journey. As delivery headquarters of India, Bengaluru plays a pivotal role in delivering innovative, high-quality solutions for our Life Sciences clients around the world. With deep expertise in SAP Batch Release Hub (BRH), SAP Intelligent Clinical Supply Management (ICSM), and SAP Advanced Therapy Orchestration (ATO), and our own AI-powered, GxP-ready Tenthpin software solutions, this centre will strengthen our ability to accelerate digital transformation in the Life Sciences industry.”. He also stated, “Our team in India embodies our commitment to excellence, innovation, and partnership — ensuring that Tenthpin continues to set the global benchmark for SAP transformations and Life Sciences cloud solutions.”.

"We also aim to help Indian Life Sciences companies to become global leaders in innovation with the help of local talent," said Mr. Sachin Bhure "Bengaluru possesses world class talent pool and the augmentation of this talent and practitioners will help in the speed to market and innovation to great extent. We plan to expand our Bengaluru footprint and double the current team in next two years.” he added.

For more information, please visit https://tenthpin.com

About Tenthpin

Tenthpin is a global consulting and technology boutique for the Life Sciences industry. 16 out of top 20 global pharma companies work with us. Besides its presence across the globe, Tenthpin has 3 major delivery centres of excellence in India, at Hyderabad, Bengaluru and Pune. Their deep appreciation for regulatory compliances while implementing technology solutions for Life Sciences companies, make them a sought-after specialist by their customers.