Veteran industrialist Ratan Tata, the former chairman of Indian conglomerate Tata Sons, passed away on Wednesday night at the age of 86. He was admitted to the Breach Candy Hospital in south Mumbai due to age-related issues and complications with his blood pressure. The news of his demise has sent shockwaves across the nation and the business world.
Ratan Tata was hailed as a visionary business leader and a compassionate human being. He provided stable leadership to one of India's oldest and most prestigious business houses, Tata Group. The group is a sprawling collection of nearly 100 companies, including the country's largest automaker, Tata Motors, the largest private steel company, Tata Steel, and a leading outsourcing firm, Tata Consultancy Services (TCS).
Under his tenure, Tata Group made significant strides in global business. He was instrumental in acquiring Tetley, Jaguar Land Rover, and Corus, transforming Tata from a largely India-centric group into a global business entity. His vision and leadership played a crucial role in shaping the Tata Group into what it is today.
Prime Minister Narendra Modi described Tata as a visionary leader and an extraordinary human being. 'He provided stable leadership to one of India's oldest and most prestigious business houses. At the same time, his contribution went far beyond boardrooms,' Modi said on X. 'Tata endeared himself to several people, thanks to his humility, kindness and an unwavering commitment to making our society better,' Modi added, referring to his philanthropy.
Google CEO Sundar Pichai also paid tribute to Ratan Tata. 'Ratan Tata left behind an extraordinary business and philanthropic legacy. He was instrumental in mentoring and developing modern business leadership in India,' Pichai said on X. 'My last meeting with Ratan Tata at Google, we talked about the progress of Waymo and his vision was inspiring to hear,' Pichai continued. 'He deeply cared about making India better.'
Mukesh Ambani, chairman and managing director of Reliance Industries, expressed his condolences saying, 'It is a very sad day for India and India Inc. Ratan Tata's passing away is a big loss, not just to the Tata Group, but to every Indian.' Anand Mahindra, chairman of the Mahindra Group, also paid tribute saying, 'With him gone, all we can do is to commit to emulating his example.'
Ratan Tata received several prestigious awards for his contributions to Indian industry and society. He was awarded the Padma Bhushan in 2000 and the Padma Vibhushan in 2008, two of India's most distinguished civilian honors.
Ratan Tata graduated from Cornell University with a bachelor's degree in architecture. He joined the Tata group in 1961 and succeeded J.R.D. Tata as chairman of Tata Sons upon the latter's retirement in 1991. He briefly served as interim chairman beginning October 2016, following the ouster of his successor Cyrus Mistry, and returned to retirement in 2017 when Natarajan Chandrasekaran was appointed chairman of the Tata Group.
The news of Ratan Tata's passing has been met with an outpouring of tributes from across the nation. His legacy will continue to inspire future generations of business leaders and philanthropists.
The Federal Reserve System and various banks have announced their holiday schedules for 2024. These holidays significantly impact financial transactions,
