Ratan Tata, the businessman who inherited one of India’s oldest conglomerates and then transformed it through a string of eye-catching deals into a global empire, has died. He was 86.
The announcement was made by the Tata Groups in a late-night statement on Wednesday.
“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.
10 facts about Ratan Tata:
- Tata Group Leadership: He served as chairman of Tata Sons for over two decades, from 1991 to 2012, and briefly returned as interim chairman in 2016.
2. Global Expansion: Under Tata’s leadership, the Tata Group expanded significantly, operating in over 100 countries and achieving $165 billion in revenue for the year ending March 2024.
3. Iconic Acquisitions: He led notable acquisitions, including the British steelmaker Corus in 2007 and luxury carmaker Jaguar Land Rover in 2008.
4. Educational Background: Tata studied architecture at Cornell University, graduating in 1962, after initially pursuing mechanical engineering as per his father’s wishes.
5. Philanthropy: Ratan Tata was known for his philanthropic efforts, and his death leaves a significant leadership gap in the Tata Trusts, which control about 66% of Tata Sons.
6. Childhood Challenge: Born in Mumbai on Dec. 28, 1937, Ratan Naval Tata was brought up by his grandmother after his parents, Naval and Sooni Tata, divorced when he was 10. His father had been adopted into the main Tata family at 13 by the daughter-in-law of Jamsetji Tata, founder of the Tata Group.
7. Pioneering Innovations: Under Ratan Tata, teh group introduced India’s first superapp Tata Neu. The company grew into a sprawling international enterprise with a portfolio ranging from software to sports cars.
8. Significant Crises: The Tata Group faced a major crisis during the 2008 Mumbai terrorist attacks, which targeted Mumbai’s Taj Mahal Palace hotel, the group’s flagship hotel.
9. Final Business Battle: One of his last major achievements was the successful reacquisition of Air India in 2021, restoring it to the Tata Group nearly 90 years after it was nationalised.
10. Tata Trusts future: Tata never married and had no children. His death leaves a vacuum at the helm of the powerful Tata Trusts, a collective of charities. These philanthropic trusts own about 66% of Tata Sons, which in turn controls all the major listed Tata firms.