Veteran industrialist and Tata Sons Chairman Emeritus Ratan Tata passed away at the age of 86 Wednesday night. He had been admitted to Mumbai's Breach Candy Hospital for age-related ailments.
"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 Tata Group said in a statement.
"For the Tata Group, Mr. Tata was more than a chairperson. To me, he was a mentor, guide and friend. He inspired by example. With an unwavering commitment to excellence, integrity, and innovation, the Tata Group under his stewardship expanded its global footprint while always remaining true to its moral compass.
"Mr. Tata's dedication to philanthropy and the development of society has touched the lives of millions. From education to healthcare, his initiatives have left a deep-rooted mark that will benefit generations to come. Reinforcing all of this work was Mr. Tata's genuine humility in every individual interaction.
"On behalf of the entire Tata family, I extend our deepest condolences to his loved ones. His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed."
On Monday, Tata, known for his philanthropy besides being a respected industry leader, had asserted that there was no cause for concern regarding his health and that he was undergoing check-ups for age-related medical conditions.
30 companies in over 100 countries
Tata became chairman of Tata Industries in 1991, taking over from his uncle, JRD, who had been in charge for more than half a century.
During an illustrious career as one of the world's most influential industrialists, Tata controlled over 30 companies in over 100 countries.
For more than two decades, he was the chairman of Tata Sons, the main holding of Tata Group. Under his watch, the group expanded, acquiring London's Tetley Tea in 2000 for USD 431.3 million, buying truck-manufacturing operations of South Korea's Daewoo Motors for USD 102 million in 2004, paying USD 11.3 billion to take over Anglo-Dutch steel manufacturer Corus Group and spending USD 2.3 billion to purchase elite British car brands Jaguar and Land Rover from the Ford Motor Company.
Tata was much more than a business tycoon whose philanthropic activities impacted generations. In the 1970s, he initiated The Aga Khan Hospital and Medical College project, laying the foundation of one of India's premier healthcare institutions.
He is credited with steering the Tata Trusts, which was established by his great-grandfather Jamsetji, and setting up the Tata Institute of Social Sciences and other centres of excellence.
Tata also ran into controversies when recordings of purported phone calls he made to lobbyist Nira Radia in connection with a 2008 scam on allocation of second-generation telecom licences were leaked. He was not implicated in any wrongdoing.
Tata ceded his control of Tata Sons to then deputy Cyrus Mistry in December 2012. But Mistry was ousted in October 2016. It is said Tata was unhappy with several decisions made by Mistry, including one to stop making small car Nano, a pet project of Tata.