Tata Trusts is reportedly planning to cut costs by eliminating the roles of chief financial officer (CFO) and chief operating officer (COO). They are also planning to reduce dependency on external consultants.

The cost-cutting which was reportedly kicked off much before the appointment of Noel Tata as Tata Trusts’ chairman, is aimed to optimise its operational and management costs. 

According to an Economic Times report, the cost-cutting has come after an internal audit and financial review by trustees, which highlighted a significant rise in staffing costs, estimated at around Rs 180 crore. 

The people familiar with the development said that additional expenses linked to so-called direct implementation projects had pushed the total workforce cost to Rs 400 crore in the years before 2022. 

Noel Naval Tata was appointed as the Chairman of the various Trusts that constitute the Tata Trusts, with immediate effect on October 11.  His appointment after the demise of Ratan N. Tata on October 9.

Earlier in June this year, Tata Steel announced to cut 2800 jobs in Britain after shutting down two furnaces located at Port Talbot and South Wales.