Ratan Tata passed away on October 9 at the age of 86. He was the former Chairman of the Tata Group, and an important figure in Indian Business.
Tata is known for his leadership vision and transformational impact. He took over the Tata Group at a crucial time, coinciding the economic liberalization of India, in 1991.
The conglomerate expanded into diverse industries during his tenure, such as information technology, automotives, and hotel, making it a global force.
Tata Group tweeted: “It’s with great sadness that we announce Ratan’s peaceful death. His brothers, sisters, and family can take comfort and solace in the love and respect shown by all those who loved him. His legacy will live on even though he’s no longer physically with us.
Ratan Tata’s Journey
Tata, who earned his degree in architecture from Cornell University and returned to India to start his career with the business his great-grandfather founded nearly 100 years earlier, began his professional life at his family’s company.
He has gained invaluable experience in various Tata companies, such as Telco (now Tata Motors Ltd), and Tata Steel Ltd., where he improved the performance and market share of the National Radio & Electronics Company, by reversing the losses.
Ratan Tata was succeeded by his uncle J.R.D. Tata became chairman just at the time India began sweeping reforms in the economy that led to the opening of the country’s markets. This was the beginning of a period for significant growth.
His first initiative was to curb the influence of some leaders in Tata Group Companies by adopting retirement policies, elevating younger talents into senior positions, and tightening operations control.
Tata Teleservices was founded in 1996. Tata Consultancy Services, a revenue-generating company for the Tata Group, went public in 2004.
Tata has recognized that it must expand globally to achieve future growth.
The group under his leadership made several significant acquisitions including British Tea Company Tetley for $432 Million in 2000 and Anglo-Dutch Steel Giant Corus for $13 Billion in 2007. This was the largest foreign acquisition by an Indian company at the time.
Tata Motors acquired Jaguar Land Rover and luxury British brands Jaguar from Ford in 2008 for $2.3 billion.
Tata Motors’ notable projects include the Indica, India’s first automobile designed and built in-house, and Nano, which is aimed to be the most affordable vehicle on the planet.
Tata designed both cars’ initial concepts.
The Indica was a commercial success. However, the Nano, which cost around 100,000 rupees ($1,200), and was marketed as an affordable solution for India’s mass market, had problems due to poor marketing and safety issues, which led to the discontinuation of the Nano a decade after its launch.
Ratan Tata was an avid pilot, who flew company aircraft on occasion. He is known for being reserved, living a simple life, and his dedication to charity.
About two thirds of the share capital in Tata Sons, the holding firm for the Tata Group is held by charitable trusts.
He was not the only one to face controversy during his tenure with Tata. A public disagreement arose in 2016 after Cyrus Mistry who is a wealthy member of Shapoorji Pallonji’s family, was ousted from the position of chairman of Tata Sons.
Tata Group blamed Mistry for his inability to improve underperforming divisions. Mistry, on the other hand, accused Ratan Tata of interfering and creating a rival power structure inside the company.
Ratan Tata, who retired from his active leadership role, became an investor well known in India, investing into various startups. These include Paytm (a digital payment company), Ola Electric, a sub-company of Ola, and Urban Company which provides home and beauty service.
Tata has received numerous awards, including the Padma Vibhushan, India’s highest civilian award, for his outstanding service in trade and industry.
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