Ratan Tata, who put India's Tata Group on world map, dies at 86

Ratan Tata, the former Tata Group chairman, has passed away at the age of 86.

His passing was announced by Tata Group in a statement late on Wednesday, Oct. 9 (U.S. time), Reuters reported.

He was in intensive care in a Mumbai hospital before his passing, it was reported.

Ratan Tata ran the Indian conglomerate for more than 20 years as chairman and made a string of high-profile acquisitions.

"It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation," the company said.

India prime minister pays tribute

Ratan Tata "was a visionary business leader, a compassionate soul and an extraordinary human being," India prime minister Narendra Modi said on X.

"Extremely pained by his passing away. My thoughts are with his family, friends and admirers in this sad hour."

Shri Ratan Tata Ji was a visionary business leader, a compassionate soul and an extraordinary human being. He provided stable leadership to one of India’s oldest and most prestigious business houses. At the same time, his contribution went far beyond the boardroom. He endeared… pic.twitter.com/p5NPcpBbBD

— Narendra Modi (@narendramodi) October 9, 2024

Never married

Ratan Tata never married and was known for his quiet demeanour, relatively modest lifestyle and philanthropic work.

He was a licensed pilot who occasionally flew the company plane.

About two-thirds of share capital of Tata Sons, the group's holding company, is held by philanthropic trusts.

Ratan Tata became known as a prominent investor in Indian startups in his later years, backing companies including digital payments firm Paytm and Ola Electric, a unit of ride hailing firm Ola.

He received the Padma Vibhushan, India's second highest civilian honour, in 2008 for exceptional and distinguished service in trade and industry.

Background

After graduating with a degree in architecture at Cornell University, he returned to India.

In 1962, he began working for the group that his great-grandfather had founded nearly a century earlier.

He worked in several Tata companies, including Telco, now Tata Motors Ltd, as well as Tata Steel Ltd.

He later erased losses and increased market share at group unit National Radio & Electronics Company, according to Reuters.

Took the helm in 1991

In 1991, he took the helm of the conglomerate when his uncle J.R.D. Tata stepped down.

Ratan Tata enforced retirement ages to rein in power of some heads in his companies.

Younger people were promoted to senior positions to have control over companies.

He founded telecommunications firm Tata Teleservices in 1996.

In 2004, he took IT firm Tata Consultancy Services, the group's cash cow, public.

Made strategic acquisitions

The group purchased British tea firm Tetley in 2000 for US$432 million.

In 2007, it acquired Anglo-Dutch steelmaker Corus for US$13 billion, which was at the time the biggest takeover of a foreign firm by an Indian company.

Tata Motors acquired British luxury auto brands Jaguar and Land Rover from Ford Motor Co in 2008 for US$2.3 billion.

Oversaw the world's cheapest car

Ratan Tata's pet projects at Tata Motors included the Nano, touted as the world's cheapest car at 100,000 rupees (S$1,557), as well as Indica, the first car model designed and built in India.

He contributed initial sketches for both models.

The Indica was a commercial success.

The Nano was discontinued a decade after its launch.

Surrendered his executive functions

On turning 75 in 2012, Ratan Tata surrendered his executive functions in the Tata Group, New York Times reported.

But there was no smooth transition.

His appointed successor Cyrus Mistry, 44, whose family was the largest individual shareholder in the conglomerate, was ousted as chairman of Tata Sons in 2016.

A bitter public feud followed.

The Tata Group said Mistry, a scion of the billionaire Shapoorji Pallonji clan, had failed to turnaround poorly performing businesses.

In response, Mistry accused Ratan Tata, who was chairman emeritus of the conglomerate, of interfering and creating an alternate power centre at the group.

Ratan Tata returned and briefly served as interim chairman beginning October 2016, after the ouster of Mistry.

He returned to retirement in 2017 when Natarajan Chandrasekaran was appointed chairman of the Tata Group.

Top photo via Instagram & keralakaumudi.com