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Tata Housing CEO Brotin Banerjee is understood to have put in his papers. This is the second high profile exit from Tata Group in the past few weeks. Earlier, Tata Power chief Anil Sardana had quit citing personal reasons. BusinessLine is awaiting official confirmation from Tata Housing.
According to senior executives within the Tata Group, Banerjee's exit comes in the wake of complaints that the real estate company had placed poor bets on a number of projects. There were a number of complaints from home buyers as well, the sources said. Tata Housing is a closely held public limited company and a subsidiary of Tata Sons. It has 70 million square feet under various stages of planning and execution and an additional 19 million square feet in the pipeline.
Another Tata insider said that the move is part of Tata Sons' Chairman N Chandrasekaran's efforts to set the Tata Group in order. Over the past few months the top deck of number of Tata Group companies have seen a change of key executives including Indian Hotels, Tata Steel, Tata Motors and Tata Power.
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