Mehli Mistry quits board of Ratan Tata’s startup vehicle ahead of asset transfer

Photo credit: Reuters MUMBAI: Mehli Mistry has resigned from the board of RNT Associates India, the investment vehicle through which Ratan Tata began backing startups in his sunset years, as the company prepares to transfer its assets to two foundations he had named as beneficiaries in his will.Mistry stepped down with effect from July 1, citing preoccupation with other commitments in his resignation letter to the board. The restructuring leaves RR Shastri, Jamsheed Poncha and Sidharth Sharma as RNT Associates’ remaining directors.All three hold professional ties to the Tata Group and sit on the boards of either the Ratan Tata Endowment Fund or the Ratan Tata Endowment Trust — the two philanthropic vehicles to whom Ratan Tata bequeathed his shares and securities in his will. Ratan Tata died in 2024 at 86.Mistry’s exit extends a pattern of withdrawal from Tata Group institutions since Sir Dorabji Tata Trust and Sir Ratan Tata Trust declined to renew his trusteeship in October 2025. He has also resigned from the Tata Small Animal Hospital and the National Centre for Performing Arts. He remains a trustee of Tata Education and Development Trust, the Tata Trusts affiliate that holds substantial cash reserves.RNT Associates began backing startups after Ratan Tata stepped down as Tata Sons chairman at 75 — investing earlier would have posed a conflict of interest while he ran the group. That he turned into an active startup supporter so late in life struck many as unusual.Ratan Tata held the controlling stake, with a single share held by Ratna Krishnakumar, widow of Tata veteran RK Krishnakumar and mother of Tata Consumer Products chief operating officer Ajit Krishnakumar. The vehicle’s portfolio has included stakes in ride-hailing firm Ola, Electra EV and fintech Upstox.RNT Associates also owns RNT Associates Singapore, a wholly owned subsidiary. Mistry resigned from that board some months ago. Patrick McGoldrick, former chief executive of Tata Technologies, has served as a director of the Singapore entity since its inception. The other directors are RR Shastri and Sidharth Sharma.Ratan Tata’s startup investments are worth over Rs 1,000 crore. Electra EV is the most valued holding in the portfolio.Get the latest business news and top stories. Download the TOI App.Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.