Ratan Tata, the chairman emeritus of Tata Sons, passed away on Wednesday in a Mumbai hospital. He was undergoing treatment in critical condition and was in intensive care in the hospital for the past few days. Ratan Tata, 86, on Monday said he was undergoing a routine medical investigation due to his age and related medical conditions.
Doyen Of Indian Industry Ratan Tata
Why In News
- Ratan Tata, the chairman emeritus of Tata Sons, passed away on Wednesday in a Mumbai hospital. He was undergoing treatment in critical condition and was in intensive care in the hospital for the past few days. Ratan Tata, 86, on Monday said he was undergoing a routine medical investigation due to his age and related medical conditions.
STATE FUNERAL FOR RATAN TATA Ratan
- Prime Minister Narendra Modi paid tribute to Ratan Tata, calling him “a visionary business leader, a compassionate soul and an extraordinary human being.
- Ratan Tata would be accorded state funeral, Maharashtra Chief Minister Eknath Shinde said, declaring a day of mourning in the state to pay tribute to the legend.
Ratan Tata
- Ratan Naval Tata (28 December 1937 – 9 October 2024), was a distinguished Indian industrialist and philanthropist who served as the chairman of Tata Sons, the holding company of the Tata Group, from 1991 to 2012. He later assumed the position of interim chairman from October 2016 to February 2017.
- His visionary leadership transformed the Tata Group from an India-centric conglomerate into a global business empire. Tata’s philanthropic efforts also established him as one of the greatest benefactors in the world, contributing around 60-65% of his income to charity.
Education
- Ratan Tata was educated at several prestigious institutions:
- Campion School, Mumbai (up to Class 8)
- Cathedral and John Connon School, Mumbai
- Bishop Cotton School, Shimla
- Riverdale Country School, New York (graduated in 1955)
- After completing his school education, Tata enrolled at Cornell University where he earned a Bachelor’s degree in Architecture in 1962. He also completed the Advanced Management Program at Harvard Business School in 1975.
Tata’s journey
- Tata’s journey within the Tata Group began in 1961, where he initially worked on the shop floor of Tata Steel. During the 1970s, he was given a managerial role in National Radio and Electronics (NELCO), a Tata subsidiary, which he successfully turned around before the business collapsed due to an economic slowdown.
- In 1991, Ratan Tata took over as the chairman of Tata Sons from J.R.D. Tata. When he assumed leadership, the Tata Group was a sprawling conglomerate with a largely India-centric focus. Over the next 21 years, Tata’s leadership was marked by transformative decisions that turned the company into a global powerhouse.
Key Contributions:
- Global Acquisitions: Ratan Tata spearheaded some of the most significant acquisitions in Indian corporate history. These include:
- Tetley (2000): Acquired by Tata Tea for USD 450 million.
- Corus (2007): Acquired by Tata Steel for GBP 6.2 billion.
- Jaguar Land Rover (2008): Acquired by Tata Motors for USD 2.3 billion.
- Tata Consultancy Services (TCS): Under his leadership, Tata Consultancy Services went public in 2004, marking a major milestone in the Indian IT industry.
- Innovation and Product Development: Ratan Tata conceptualized and launched the Tata Nano, the world’s most affordable car, which aimed to make car ownership accessible to the average Indian family.
- Expanding the Group’s Global Presence: By the time Tata retired in 2012, over 65% of the group’s revenue was coming from international markets. The Tata Group’s revenue grew from ₹10,000 crore in 1991 to over USD 100 billion by 2012.
- Telecommunications: In 1996, Tata founded Tata Teleservices, further diversifying the group’s presence in the telecommunications sector.
- Ratan Tata retired from his role as chairman of Tata Sons on 28 December 2012 and was succeeded by Cyrus Mistry. However, due to internal disagreements, Mistry was removed from his position in 2016. Tata stepped in as interim chairman and later handed over the reins to N Chandrasekaran in 2017.
- Ratan Tata’s philanthropic contributions have been as impactful as his business ventures. He was deeply involved in the Tata Trusts, which fund education, health, and development initiatives across India. Tata’s donations have supported several causes, including cancer research, rural development, and disaster relief.
- Notably, Tata made significant contributions to Cornell University, including a USD 50 million donation in 2008. This made him the largest international donor in the university’s history. His efforts to improve cancer care in Assam earned him the Assam Baibhav award in 2021.
