The Tata Group announced in a statement late on Wednesday that Ratan Tata, the former chairman of the Tata Group, had passed away. Through a series of high-profile acquisitions, Tata brought the formal and expansive Indian conglomerate to the attention of the world. He was eighty-six.
According to two people with intimate knowledge of Tata’s physical condition, who served as chairman of the conglomerate for more than 20 years, he has been receiving urgent care in a Mumbai hospital earlier 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 business stated.
Ratan Tata “was a forward-thinking businessman, a compassionate soul and an extraordinary human being,” Indian Prime Minister Narendra Modi said on social media platform X. “Extremely pained by his passing away. My thoughts are with his family, friends and admirers in this sad hour.”
He returned to India in 1962, having completed his architecture studies at Cornell University, and started working for the organization his great-grandfather had started almost a century earlier.
He was employed by multiple Tata enterprises, such as Telco, which is currently known as Tata Motors Ltd (TAMO.NS), opens new tab, and Tata Steel Ltd (TISC.NS), opens new tab. He later made a name for himself at National Radio & Electronics Company, a group company, by eliminating losses and growing market share.
Following his uncle J.R.D. Tata’s resignation in 1991, he assumed leadership of the company. This change in leadership occurred concurrently with India’s radical economic reforms, which opened up the country’s economy to the world and ushered in an era of rapid expansion.
During his initial steps, Ratan 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.
Ratan Tata, founder of Tata Teleservices and Tata Consultancy Services, was known for his contributions to the Indian automotive industry. He founded Tata Teleservices in 1996 and took IT firm Tata Consultancy Services public in 2004. To grow, Tata decided to look beyond India, making acquisitions such as British tea firm Tetley in 2000 and Anglo-Dutch steelmaker Corus in 2007. Tata Motors then acquired British luxury auto brands Jaguar and Land Rover from Ford Motor Co. in 2008 for $2.3 billion.
Tata’s pet projects included the Indica, the first car model designed and built in India, and the Nano, the world’s cheapest car. The Indica was a commercial success, but the Nano, priced at just 100,000 rupees, was hampered by safety issues and bungled marketing. It was discontinued a decade after its launch.
Tata’s leadership was controversial, with a public feud after the company ousted Cyrus Mistry as chairman of Tata Sons in 2016. Mistry accused Tata of interfering and creating an alternate power center at the group. After stepping back from the Tata Group, Tata became a prominent investor in Indian startups, backing digital payments firm Paytm, Ola Electric, and Urban Company. He received the Padma Vibhushan, India’s second highest civilian honour, in 2008 for exceptional and distinguished service in trade and industry.
(Reuters)
