For the second time in a decade, discord at India’s richest conglomerate is going public. If boardroom squabbles reach the courtroom once again, or the government gets involved, Tata Sons’ control over its operational units, worth more than $300 billion, could fray.

The most logical way to end this risky drama at the 158-year-old group, central to what I call India’s “national team,” is to take its holding company public.

© Bloomberg