The plan? Turn Tata Sons from a ‘holding company’ into an ‘operating company’. Why does that matter? Because if the RBI sees Tata Sons as mostly running businesses (not just investing in them), it may no longer classify it as a Core Investment Company; and the mandatory stock listing could vanish. The two companies? Tata Electronics (India’s 4th largest by revenue, now making phones and chips) and Tata Consulting Engineers (a global engineering giant). This isn’t just restructuring; it’s redefining what Tata Sons is. And yes, it’s controversial. The board already voted 4:1 to list. But the Tata Trusts are pushing this merger hard. Will RBI agree? That’s the real question.