Business icon Ratan Tata dies at 86, leaves lasting legacy
Reuters reports that Ratan Tata, the former chairman of the large Indian conglomerate Tata Group, has passed away at the age of 86. The conglomerate he led employed one million people.
11:09 AM EDT, October 10, 2024
"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 company said in a statement by Reuters.
Ratan Tata has passed away. Creator of a massive business
Ratan Tata "was a visionary business leader, a compassionate soul 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 the boardroom. He endeared himself to several people thanks to his humility, kindness and an unwavering commitment to making our society better," wrote Indian Prime Minister Narendra Modi on the social media platform X.
Reuters reports that Ratan Tata took over the conglomerate in 1991 after his uncle, JRD Tata, stepped down.
"The passing of the baton coming just as India embarked on radical reforms that opened up its economy to the world and ushered in an era of high growth," writes the agency.
Reuters states that one of Ratan Tata's first actions was to curtail the power of some Tata Group company heads by introducing a retirement age, promoting younger individuals to managerial positions, and increasing control over the companies.
Under the businessman’s leadership, Tata Group acquired many companies, including the tea company Tetley and automakers Jaguar and Land Rover.
According to Tata Group, in the fiscal year 2023-24, the company achieved $165 billion in revenue. Currently, all of the conglomerate's companies employ over a million people.
After leaving Tata Group, Ratan Tata began investing in Indian startups and supporting many companies.
