INDIAN business tycoon Ratan Tata has died aged 86 tonight.
Tata was one of India’s most internationally recognised business leaders and his conglomerate, the Tata Group, owns iconic British motor brands Jaguar and Land Rover.
ReutersHe was the former chairman of Indias oldest conglomerate[/caption]
Getty – ContributorRatan Tata was one of India’s most internationally recognised business leaders[/caption]
ReutersTata addresses the delegation at the Vibrant Gujarat investor summit in Gandhinagar, India in 2017[/caption]
The Tata Group, which he led for more than two decades, is one of India’s largest companies, with annual revenues in excess of $100bn.
The business tycoon was admitted to the Breach Candy Hospital in south Mumbai, India, this week where he underwent intensive care.
But he sadly died at the hospital aged 86 on Wednesday night.
Tata Sons chairman N Chandrasekaran confirmed Tatas death and described him as his friend, mentor, and guide in a statement.
During his tenure as chairman of the Tata Group, the conglomerate made several high-profile acquisitions.
The group purchased British tea firm Tetley in 2000 for $432 million and Anglo-Dutch steelmaker Corus in 2007 for $13 billion – at the time the biggest takeover of a foreign firm by an Indian company.
Tata Motors then acquired British luxury auto brands Jaguar and Land Rover from Ford Motor Co in 2008 for $2.3 billion.
His pet projects at Tata Motors included the Indica – the first car model designed and built in India – as well as the Nano, touted as the world’s cheapest car.
Tata contributed initial sketches for both models.
Prime Minister Narendra Modi described Tata as a visionary leader, a compassionate and an extraordinary human being.
Modi said on X, formerly Twitter: “He provided stable leadership to one of Indias oldest and most prestigious business houses.
“At the same time, his contribution went far beyond boardrooms.”
After graduating with a degree in architecture at Cornell University, Tata returned to India.
In 1962 he began working for the group 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 later making his mark by erasing losses and increasing market share at group unit National Radio & Electronics Company.
In 1991, he took the helm of the conglomerate when his uncle J.R.D. Tata stepped down – the passing of the baton coming just as India embarked on radical reforms that opened up its economy to the world and ushered in an era of high growth.
In one of his first steps, Tata sought to rein in the power of some heads of Tata Group’s companies, enforcing retirement ages, promoting younger people to senior positions and ramping up control over companies.
Tata retired as chairman in 2012 and was currently Chairman Emeritus of Tata Sons.
After he stepped back from the Tata Group, the billionaire became known as a prominent investor in Indian startups.
He backed a plethora of companies including digital payments firm Paytm, Ola Electric, a unit of ride hailing firm Ola, and home and beauty services provider Urban Company.
A licensed pilot who would occasionally fly the company plane, Ratan Tata never married and was known for his quiet demeanour, relatively modest lifestyle and philanthropic work.
Among his many awards, he received the Padma Vibhushan, India’s second highest civilian honour, in 2008 for exceptional and distinguished service in trade and industry.