New Delhi: Ratan Tata, the former Tata Group chairman who put a staid and sprawling Indian conglomerate on the global stage with a string of high-profile acquisitions, has died, the Tata Group said in a statement late on Wednesday. He was 86. In one of his first steps, Ratan Tata sought to rein in the power of some heads of Tata Group's companies, enforcing retirement ages, promoting younger people to senior positions and ramping up control over companies.
Ratan Tata's legacy in business
He founded the telecommunications firm Tata Teleservices in 1996 and took IT firm Tata Consultancy Services (TCS), the group's cash cow, public in 2004. But to grow properly, the group determined it needed to look beyond Indian shores.
The group purchased British tea firm Tetley in 2000 for $432 million and Anglo-Dutch steelmaker Corus in 2007 for $13 billion, at the time the biggest takeover of a foreign firm by an Indian company. Tata Motors then acquired British luxury auto brands Jaguar and Land Rover from Ford Motor Co F.N in 2008 for $2.3 billion.
Ratan Tata's Indica and Nano cars
His pet projects at Tata Motors included the Indica - the first car model designed and built in India - as well as the Nano, touted as the world's cheapest car. He contributed initial sketches for both models. The Indica was a commercial success. The Nano, however, priced at just 100,000 rupees (about $1,200) and the culmination of Ratan Tata's dream to produce an affordable car for India's masses, was hurt by initial safety issues and bungled marketing. It was discontinued a decade after its launch.
A licensed pilot who would occasionally fly the company plane, Ratan Tata never married and was known for his quiet demeanour, relatively modest lifestyle and philanthropic work. About two-thirds of the share capital of Tata Sons, the group's holding company, is held by philanthropic trusts.
Ratan Tata: A kind man for startup
After he stepped back from the Tata Group, Ratan Tata became known as a prominent investor in Indian startups, backing a plethora of companies including digital payments firm Paytm, Ola Electric, a unit of ride-hailing firm Ola, and home and beauty services provider Urban Company. Among his many awards, he received the Padma Vibhushan, India's second-highest civilian honour, in 2008 for exceptional and distinguished service in trade and industry.
(With inputs from agency)
