Ratan Tata: The Business Legend Who Captured India’s Heart

Legendary industrialist Ratan Tata passed away on October 9, 2024, after being admitted to Mumbai’s Breach Candy Hospital. He was 86 years old.

Tata was known as a prominent business tycoon and philanthropist whose success story significantly impacted India’s economy. Tata served as the chairman of ‘Tata Group’ for more than two decades when he retired at the age of 75 in 2012.

On Monday, the industrialist had posted on social media to dismiss speculation surrounding his health and had said he was undergoing routine medical checkups due to his age.

The veteran industry leader was known for his business acumen, vision and strong work ethic, who turned his family business into a global powerhouse.

A Visionary Leader

Ratan Tata was born on December 28, 1937, in Bombay, India, into the Tata family- one of India’s most iconic business families. He was raised by his grandmother after his parents separated when he was just 10 years old.

He earned a degree in architecture and structural engineering from Cornell University. Later, he pursued a management program at Harvard Business School.

Ratan Tata rejected a job offer from IBM. He joined the Tata Group in 1961, starting at the bottom, working on the shop floor of Tata Steel in Jamshedpur. He joined as an assistant at Tata Industries.

He rose through positions and worked with different companies within the Tata Group and eventually became the director of National Radio and Electronics (NELCO) in 1971.

Tata consistently demonstrated a strong work ethic and an unwavering commitment to understanding the everyday realities and nuances of ordinary people’s lives.

He took the reins of the Tata Group succeeding JRD Tata as chairman of Tata Sons and Chairman of the Tata Trusts in 1991, during a time of economic liberalization in India.

Ratan Tata is not only celebrated for his business acumen but also as a risk-taker who reshaped the Tata Group and Indian Industry. His willingness to embrace challenges and take bold measures has left a permanent mark on the corporate landscape.  

He led initiatives like the Tata Indica, a pioneering attempt at creating a truly Indian car. He launched world’s cheapest car, Tata Nano, designed for affordability and mass mobility.

“I remember seeing a family of four on a motorbike in the heavy Bombay rain - I knew I wanted to do more for these families who were risking their lives for lack of an alternative," Tata had recalled, giving the reason why he decided to come up with Tata Nano.

Under his leadership, the group expanded its presence in diverse sectors, including steel, automobiles, IT and hospitality. Its revenue surged over 40 times, amounting to over $100 billion in 2011-12.

Ratan Tata founded telecommunications company Tata Teleservices in 1996 and got IT firm Tata Consultancy Services (TCS) listed in 2004.

The group made significant acquisitions, such as Jaguar Land Rover for $2.3 billion, Corus for $11.3 billion, Daewoo for $102 million, Brunner Mond, General Chemical Industrial Products and Tetley for $431.3 million.

The conglomerate also acquired several hotels, chemical companies, communications networks and energy providers around the world. He also served on the international advisory boards of Mitsubishi Corporation and JP Morgan Chase.

In addition, the return of Air India back to the Tata Group in 2022 was widely seen as a way of honoring his forefathers, as it was founded by his uncle and mentor JRD Tata in 1932.

The visionary leader also invested in over 50 startups including Lenskart, Paytm, Ola Electric Mobility and Upstox.

Commitment to Social Responsibility

Ratan Tata’s influence extended far beyond business. He was highly dedicated to corporate social well-being and sustainability. He ranked 433 in the IIFL Wealth Hurun India Rich List 2021. His foundation Tata Trusts, one of India’s largest charitable organisations and majority stakeholder in Tata Sons, has taken several measures to provide scholarships to students and support projects related to healthcare, education, rural development and sustainable living.

He also donated Rs 500 crore when the world was fighting the COVID-19 pandemic.

Ratan Tata donated $50 million to his alma mater, Harvard Business School for building an executive center.

In addition, Kolkata’s Tata Medical Center and several educational initiatives show his dedication to improving the quality of life for underserved communities.

In the aftermath of the deadly 26/11 terrorist attacks in Mumbai, Tata founded the “Taj  Public Service Welfare Trust” to support the victims and their families get rehabilitated.

Tata’s philanthropic efforts have earned him numerous praises. His business acumen was based on the philosophy that the success of a company is intrinsically linked to the welfare of society.

Ratan Tata’s humility and approachable demeanor made him a beloved figure across generations. He maintained a low profile, unlike many corporate leaders.

A Beloved Figure

In 2021, Tata received praise on social media when he traveled from Mumbai to Pune to visit a former employee who had been unwell for two years.

The government recognised his contributions to the corporate sector and society. He was honored with the Padma Bhushan in 2000 and the Padma Vibhushan in 2008, both of which are among the highest civilian awards in India.

Ratan Tata was also known for his deep love for dogs. Tata Sons’ global headquarters at Bombay House is home to several stray dogs who are taken care of by the group. He has nearly 10 million followers on Instagram.

With Ratan Tata’s passing, the Tata Group’s future will continue to evolve upholding the foundational principles he advocated throughout his tenure.