India: Industry leader Ratan Tata dies aged 86

Ratan Tata, the former chairman of India's sprawling Tata Group conglomerate, died Wednesday at age 86, the Tata Group said in a statement. 

"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," N Chandrasekaran, Chairman of Tata Sons, wrote in a statement.  

On Monday, Tata had said on social media he was undergoing routine medical examinations due to his age and unspecified medical conditions at a Mumbai hospital.

Indian 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.

Turning Tata into a global conglomerate

After graduating in architecture from Cornell University in the United States, Tata returned to India in 1962 and joined the family business, working at the Tata steel and motor concerns. 

Tata took the helm of Tata Group from his uncle in 1991. During his over 20 years of leadership, he was credited with expanding and diversifying the company into one of the world's largest conglomerates, and a major global enterprise. 

A big part of this was looking to global markets by making big acquisitions just as India began to open its economy to the world. 

In 2000, the group purchased British tea firm Tetley. In 2007, he organized what at the time was India's biggest takeover of a foreign firm, adding Anglo-Dutch steelmaker Corus to Tata's portfolio for $13 billion (€12 billion). 

In 2008, Tata Motors bought British luxury auto brands Jaguar and Land Rover from Ford Motor Co. for $2.3 billion.

It "was the quest for growth and changing the ground rules to say that we could grow by acquisitions which earlier we had never done," he said in an interview with the Stanford Graduate School of Business in 2013.

First car designed and built in India

Tata was also responsible for building the Indica, the first car model designed and built in India.

The Tata Nano later became the world's cheapest car, with a sticker price of around $1,200.

It was touted as a model of affordable personal transport for the masses, however, it was discontinued after 10 years due to safety issues.

Tata Sons recorded a revenue of $165 billion in 2023-24. Its first iteration was founded in 1868 as a trading firm by Jamsetji Tata.

The group now comprises more than 30 companies across ten sectors, operating in over 100 countries. Together, these companies employ more than 1 million people, according to the group's website.

dh/wmr (Reuters, AFP, AP)