Ratan Tata, chairman emeritus of Tata Sons
Credit: Reuters Photo
Ratan Tata, the long-serving chairman and later Chairman Emeritus of Tata Sons, India's largest conglomerate, passed away on Wednesday in Mumbai at the age of 86.
The Tata Group confirmed his death in a statement, though the cause was not disclosed. He had been receiving treatment in the critical care unit of a hospital.
Ratan Tata was known for his business acumen and humility.
During his 21-year tenure as Chairman of Tata Sons from 1991 to 2012, the conglomerate’s revenues grew 46 times, reaching Rs 4.75 lakh crore by FY12, while profits surged 51 times to over Rs 33,500 crore.
In 2022, Ratan Tata was ranked 421 on the IIFL Wealth Hurun India Rich List with an estimated net worth of Rs 3,800 crore.
Under his leadership, the Tata Group made significant global acquisitions, including Tetley, Corus, and Jaguar Land Rover. In 2000, Tata Tea made its first international acquisition by purchasing British tea brand Tetley. Tata Motors followed in 2004 by acquiring Daewoo Commercial Vehicle Company in South Korea. In 2006, Tata Steel secured board approval to buy Corus Group Plc, Europe's second-largest steel producer. Two years later, in 2008, Tata Motors acquired Jaguar Land Rover from Ford Motor Company for $2.3 billion in an all-cash deal.
Despite leading over 30 companies operating in more than 100 countries across six continents, Ratan Tata never appeared on any billionaire lists. According to research by Fortune India-Waterfield, his personal wealth was estimated at Rs 16,448 crore, largely due to his stakes in Tata Group companies such as Tata Sons, Tata Consultancy Services, Tata Motors, Titan Company, and Tata Steel.
Even after his retirement, Tata continued to receive an annual remuneration of around Rs 2.5 crore as an ex-chairman of Tata Sons.
He remained active in philanthropic efforts and business ventures, supporting several startups, including Urban Company, CashKaro, BlueStone, CarDekho, and Tracxn, along with small businesses in the community.