World Desk : dhakamirror.com
India’s top industrialist and Tata Sons Chairman Emeritus Ratan Tata died in a hospital in Mumbai last night, the company said.
“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,” said a press statement by Tata Sons Chairman N Chandrasekaran.
Ratan was admitted to Breach Candy Hospital for age-related ailments.
Indian Prime Minister Narendra Modi paid rich tributes to the industrialist, describing him as a visionary business leader, compassionate soul and an extraordinary human being.
“One of the most unique aspects of Shri Ratan Tata Ji was his passion towards dreaming big and giving back. He was at the forefront of championing causes like education, healthcare, sanitation, animal welfare to name a few,” Modi said on X.
Ratan Tata, who ran the conglomerate for more than 20 years as chairman, had been undergoing intensive care in hospital.
He became chairman of the Tata Sons, the autos-to-steel conglomerate, in 1991 and ran the group founded by his great-grandfather more than a hundred years ago until 2012.
He founded telecommunications company Tata Teleservices in 1996 and made IT company Tata Consultancy Services public in 2004.
After stepping down, Ratan Tata was conferred with the title of chairman emeritus of Tata Sons, Tata Industries, Tata Motors, Tata Steel, and Tata Chemicals, the company website says.
On graduating with a degree in architecture at Cornell University, US, he returned to India and in 1962 began working for the group his great-grandfather.
He worked in several Tata companies, including Telco, now Tata Motors Ltd as well as Tata Steel Ltd and later made his mark by erasing losses and increasing market share at group unit National Radio And Electronics Company.
In 1991, Ratan Tata took charge of the conglomerate when his uncle JRD Tata stepped down with the change of guard coming at a time when India embarked on radical economic reforms opening up to the world.
The Tata group purchased British tea firm Tetley in 2000 for $432 million and Anglo-Dutch steelmaker Corus in 2007 for $13 billion, at the time the biggest takeover of a foreign firm by an Indian company.
Tata Motors then acquired British luxury auto brands Jaguar and Land Rover from Ford Motor Company in 2008 for $2.3 billion.
Ratan Tata’s pet projects at Tata Motors included the Indica — the first car model designed and built in India — as well as Nano, once projected as the world’s cheapest car. He contributed initial sketches for both models.
The Indica was a commercial success but the Nano, priced at just 1,00,000 rupees (about $1,200) and the culmination of Ratan Tata’s dream to produce an affordable car for India’s masses, was hurt by initial safety issues and bungled marketing. It was discontinued a decade after its launch.
A licensed pilot, Tata would occasionally fly the company plane.
Ratan Tata never married and was known for his quiet demeanour, relatively modest lifestyle, and philanthropic work.
About two-thirds of share capital of Tata Sons, the group’s holding company, is held by philanthropic trusts.
Ratan Tata’s leadership at Tata had its share of controversy when a bitter public feud broke out after the company ousted Cyrus Mistry, a scion of the billionaire Shapoorji Pallonji clan, as chairman of Tata Sons in 2016.
The Tata Group said Mistry had failed to turnaround poorly performing businesses while Mistry accused Ratan Tata, who was chairman emeritus of the conglomerate, of interfering and creating an alternate power centre at the group.
After he stepped back from the Tata Group, Ratan Tata became known as a prominent investor in Indian startups, backing several companies including digital payments firm Paytm and Ola Electric, a unit of cab ride hailing firm Ola, and home and beauty services provider Urban Company.
Ratan Tata was conferred the Padma Vibhushan award, India’s second highest civilian honour, in 2008 for exceptional and distinguished service in trade and industry.
– Input from The Daily Star was used in this article.
