MUMBAI: Ratan Tata is likely to step down soon as chairman of the Tata Trusts, which control a 66 percent stake in the $100 billion Tata conglomerate’s holding company, according to a Times of India report citing the patriarch’s long-time confidant.

R K Krishna Kumar, a trustee of the Tata Trusts, told the newspaper that the Trusts have asked an external consultant to advise them on the process of selecting a new chairman to replace Tata.

That could be completed by the middle of next year, though any incoming executive would work alongside Tata first.