MUMBAI: 86-year-old Tata Group patriarch Ratan Tata, who was admitted to the Breach Candy Hospital, passed away due to age-related ailments.
Tata led the group from March 1991, taking up the mantle from his predecessor JRD Tata, through December 2012. Since then, he has been the chairman emeritus of the nearly $130-billion salt-to-software group.
The Tata Group announced his passing late Wednesday night. In an official statement, N Chandrasekaran, Chairman of Tata Sons, said, "It is with a profound sense of loss that we bid farewell to 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."
He was wheeled into Breach Candy Hospital in the early hours of Monday after his blood pressure dropped. However, the official statement did not provide details about his passing, including the time or circumstances surrounding his final hours, nor did it mention when his last rites will be held.
Tata, known for his philanthropy besides being a respected industry leader, himself had scotched what he called 'rumours' on Monday in a post on X, asserting that there was no cause for any concerns about his health and that he was undergoing check-ups for age-related medical conditions.
"I am aware of recent rumours circulating regarding my health and I want to assure everyone that these claims are unfounded. I am currently undergoing medical check-ups due to my age-related medical conditions," asserted Tata, who led the Tata Group from March 1991 to December 2012 as chairman of Tata Sons.
"There is no cause for concern. I remain in good spirits," he said, requesting the public and media to refrain from "spreading misinformation", he had said.
The 86-year-old, who lived as a bachelor leaves behind nearly a dozen dogs.
Under his 22 years of chairmanship, the group had a runaway growth led by a slew of acquisitions overseas. The first was the takeover of British firm Tetley Tea by the group firm Tata Tea in 2000 for $450 million.
That was followed with a much larger takeover of the British steel giant Corus Steel for $8 billion (6.2 billion pounds) in 2007, which has been a heavy drag on the group even today primarily because of the regulatory changes in Europe and Chinese dumping. Then came the JLR buyout from Ford England in 2008 for $2.3 billion, which has been a huge success and now fetches close to three fourths of the Tata Motors revenue and profit.
These three British acquisitions made the Tata group the largest employer in the island nation’s manufacturing sector.
Also, under his watch the group cash cow Tata Consultancy Services has become the country’s largest software company, ahead of Infosys and Wipro, and with nearly Rs 2 trillion in annual revenue and around Rs 60,000 crore in annual profit. It employs over 6 lakh from across 135 nationalities.
Condolences pour in for the "visionary leader"
Prominent figures from various sectors have taken to X to pay tribute to the philanthropist and business magnate.
Prime Minister Narendra Modi expressed deep sorrow over the passing of Ratan Tata, describing him as "a visionary business leader, a compassionate soul, and an extraordinary human being." Modi added, "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 himself to many through his humility, kindness, and an unwavering commitment to making our society better," he wrote on X.
Leader of Opposition Rahul Gandhi honoured Ratan Tata, stating, "Ratan Tata was a man with a vision. He has left a lasting mark on both business and philanthropy." He also expressed condolences to Tata's family and the Tata community on X.
Defense Minister Rajnath Singh shared his condolences on X, referring to Ratan Tata as "a Titan of the Indian industry." He noted Tata's "monumental contributions to our economy, trade, and industry" and extended his deepest condolences to Tata's family, friends, and admirers, wishing that his soul may rest in peace.
Mukesh Ambani expressed profound sadness over Ratan Tata's passing, calling it a significant loss to both the Tata Group and every Indian. He stated, "It is a very sad day for India and India Inc. Ratan Tata's passing is a big loss, not just to the Tata Group, but to every Indian.
At a personal level, Ratan Tata's passing has filled me with immense grief as I have lost a dear friend. Each of my numerous interactions with him left me inspired and energised and enhanced my respect for the nobility of his character and the fine human values he embodied.
Ratan Tata was a visionary industrialist and a philanthropist who always strove for society's greater good.
With the demise of Mr Ratan Tata, India has lost one of her most illustrious and kind-hearted sons. Mr Tata took India to the world and brought the best of the world to Bharat. He institutionalised the House of Tata and made it an international enterprise, growing the Tata Group over 70 times since he took over as Chairman in 1991.
On behalf of Reliance, Nita, and the Ambani family, I send my heartfelt condolences to the bereaved members of the Tata family and the entire Tata Group. Ratan, you will always remain in my heart. Om Shanti."
Gautam Adani said India has lost "a giant, a visionary who redefined modern India's path". "Ratan Tata wasn't just a business leader - he embodied the spirit of India with integrity, compassion and an unwavering commitment to the greater good. Legends like him never fade away. Om Shanti," he said in a post on X.
Mahindra Group Chairman Anand Mahindra expressed his profound sadness over Ratan Tata's passing, he tweeted: I am unable to accept the absence of Ratan Tata. India’s economy stands on the cusp of a historic leap forward. And Ratan’s life and work have had much to do with our being in this position. Hence, his mentorship and guidance at this point in time would have been invaluable. With him gone, all we can do is to commit to emulating his example. Because he was a businessman for whom financial wealth and success was most useful when it was put to the service of the global community. Goodbye and Godspeed, Mr. T You will not be forgotten. Because Legends never die… Om Shanti.
Harsh Goenka expressed his condolences for Ratan Tata, stating, "The clock has stopped ticking. The Titan passes away. Ratan Tata was a symbol of integrity and ethical leadership, leaving a lasting impact on business and philanthropy. He will always be remembered. R.I.P."
An enduring legacy
Tata , who loved fast cars and flying his own plane, gave the common Indian a unique product -- the Rs 1-lakh car, the Tata Nano, in 2010.
Tata was born on December 28, 1937 to Naval Tata and Soonoo Commisariat. He had a rough childhood as his parents separated when he was all of seven, and was raised by his grandmother Navajbai Tata, along with his younger brother Jimmy.
He completed his degree in architecture in 1962 from Cornell University, New York, and got an advanced management programme from Harvard Business School in 1975. On the advice of JRD Tata, he turned down a job offer from IBM to join the family business.
Tata began his career with the family group as an apprentice on the shop floor of Tata Steel, shovelling limestone and handling the blast furnace. In the late 70s, he was given charge of the National Radio & Electronics Company and Bombay-based Empress Mills. In 1991, JRD stepped down as chairman of Tata Sons, naming Ratan his successor. At this time, Ratan was the fourth generation in the dynasty to take over the family business.
There were also downsides during his tenure. Under his watch, the conglomerate ended up sitting on a debt pile of $26 billion which caused concern among some investors. Tata’s telecom business was also under severe strain in the wake of the 2G scam.
He stepped down on December 28, 2012 on turning 75, appointing Cyrus Mistry as his successor.
The group's aggregate sales at the end of 2011-12, around the time he stepped down, were at Rs 4.51 trillion. This was 43 times the turnover in 1992-93, when he first took over as chairman.
Tata continued to head the main two Tata Trusts, Sir Dorabji Tata Trust and Sir Ratan Tata Trust, as well as the major holding company, Tata Sons. Together, he holds 66.8 percent in them.
He was in the thick of controversy when Nira Radia, the group’s PR head, allegedly revealed sleazy deals that the group did under his watch especially in the telecom space.
Ties between Mistry and Tata soured later and the former was forced out in a boardroom coup on October 24, 2014. The manner in which Mistry was ousted dented Tata's image as well as that of the group.
Following this, Tata again took up the mantle of the group till N Chandrasekaran of TCS was appointed as the Tata Group chairman in January 2017.
Ratan Tata to be accorded state funeral: Maharashtra CM
Maharashtra Chief Minister Eknath Shinde on Wednesday said industrialist Ratan Tata will be accorded a state funeral.
In a post on X, Shinde said Tata was a unique blend of morality and entrepreneurship.
He was a living legend who successfully helmed the 150 year-old Tata group, the CM added.
"Ratan ji Tata's mortal remains will be accorded a state funeral," Shinde said.
Talking to reporters, Shinde said Tata's relatives have informed that his mortal remains will be kept at the National Centre for Performing Arts (NCPA) in south Mumbai from 10 am to 4 pm on Thursday for people to pay respect.
Describing Tata as the pride of the country, Shinde said he will always be an inspiration to the next generation of entrepreneurs.
The resoluteness he displayed during the 26/11 terror attack will always be remembered, the chief minister said.
The Tata Group's Taj Hotel at Colaba was one of the targets of terrorists during the November 2008 attack.
(With inputs from PTI.)
