9OCTOBER 2025VENU SRINIVASAN REAPPOINTED FOR LIFE AS TATA TRUSTS VPADANI REALTY, MARATHON JV TO LAUNCH MONTE SOUTH COMMERCIALIn a significant collaboration, Adani Realty has partnered with Marathon Nextgen Realty Limited for a large mixed-use development in Mumbai. The project, "Monte South Commercial," will occupy about 1.2 million square feet and have an estimated GDV of approximately 3,400 crore.Monte South Commercial is located in the Byculla area of South Mumbai on the larger Monte South campus that 52 percent of Tata Sons, giving significant weight to such leadership decisions. Fellow trustee Mehli Mistry is expected to be reappointed under similar terms in the coming days. from an industry standpoint, srinivasan's reappointment aligns with a key resolution passed unanimously by both Trusts on October 17, 2024. That resolution stated that upon the completion of a trustee's tenure, the individual would be reappointed without any limit on the length of service. Furthermore, it was decided that any trustee opposing a fellow trustee's reappointment would be considered to have breached their fiduciary responsibility, making them ineligible to continue serving on the board.As a result of this decision, all current trustees of SDTT and SRTT will now serve lifetime terms, unless they choose to step down voluntarily.This governance model mirrors the tenure of former influential trustees such as J.R.D. Tata, Ratan Tata, Jamshed Bhabha, and R.K. Krishna Kumar, all of whom held their positions until their passing. While these individuals were seen as exceptions, others like Noshir Soonawala also appointed for life chose to retire due to age and health considerations. Over the years, there have also been trustees appointed with renewable three-year terms, creating a mix of tenure types within the Trusts' structure. already includes four residential towers, which are more than 64 stories high, and a total of more than 1.6 million square feet of residential sale carpet area.The commercial sides of the development will consist of premium office space, retail space, and modern amenities that will be organized to provide usable floor plates, high-quality architecture, and sustainable development.From an industry standpoint, the partnership signifies a meaningful extension for Adani Realty into the upscale commercial real estate market in Mumbai, leveraging Marathon's legacy campus at Monte South. For Marathon Nextgen, this joint venture reinforces its commercial portfolio in a highly sought-after Grade-A office market in the city. Mayur Shah, Marathon's Vice-Chairman, stated, "Monte South Commercial will set a new standard for businesses in south Mumbai, combining excellence in design, operational efficiency, and ultimate value."This joint venture is timely, given trends in the office-retail market in Mumbai, and is seen as a prominent proposition given the project's size and GDV. With an integrated residential-commercial product, the project seeks to capitalize on live-work-play opportunities in the city centre, also indicating confidence from two major players in the real estate sector. In a move that had been widely expected, the trustees of the Sir Dorabji Tata Trust (SDTT) and the Sir Ratan Tata Trust (SRTT) have formally reappointed Venu Srinivasan as a trustee and vice-chairman for life, effectively putting aside recent concerns around governance differences.This follows the January 2025 reappointment of Noel Tata as trustee and chairman, also with an unlimited tenure. Together, SDTT and SRTT control approximately
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