Padma Vibhushan Ratan Tata, the former chairman of Tata Sons and a prominent figure in Indian industry, passed away at 86 after a prolonged illness on Wednesday night. Two days back, he was admitted to the hospital due to his health-related issues.
A statement by Tata's family said, "We, his brothers, sisters, and family take solace and comfort in the outpouring of love and respect from all who admired him. While he is no longer with us in person, his legacy, generosity and purpose will continue to inspire future generations."
Key leaders from all walks of life, including Prime Minister Narendra Modi and who's who of the business world, mourned the tycoon's death and remembered his huge contribution to the Indian business industry.
Here are 5 key things to know about legendary industrialist Ratan Tata:
1) Growing up years: Born to Naval and Soonoo Tata on December 28, 1937, Tata and his younger brother, Jimmy, were brought up by their grandmother, Navajbai R Tata, in a baroque manor called Tata Palace in downtown Bombay (now Mumbai). On his growing up years, Tata in one of his rare interviews said: “We were very protected and we didn’t have many friends. I had to learn the piano and I played a lot of cricket.” He was a gregarious and outgoing personality.
2) Unique Leadership: Ratan Tata was appointed as the chairman of Tata Sons in 1991. The period was challenging for the group, which was seen as bloated, unevenly managed and excessively bureaucratic. Decades later, he changed it for the better in "more substantial a manner than any of the luminaries under whose care the organisation evolved since its inception in 1868", says Tata Group. By coincidence or destiny, his becoming chairman was synchronised with the opening up of India’s economy.
3) Key Tata Acquisitions: The growth and globalisation drive of the Tata group gathered pace under his stewardship and the years following 2000 saw a string of high-profile Tata acquisitions, among them Tetley, Corus, Jaguar Land Rover, Brunner Mond, General Chemical Industrial Products and Daewoo.
4) Ratan Tata's vision: Tata championed the development of the Tata Nano, a car that was aimed at every Indian. The idea of the car was born of the trailblazing small car project he guided and commanded. He always emphasised philanthropy and ensured that a major portion of Tata group's profits were directed towards charity through Tata Trusts.
5) Architect at heart: After finishing school, he went to Cornell University in the United States, where he studied architecture and structural engineering. Tata spent his initial two years studying engineering, in deference to his father’s wishes rather than any real inclination on his part. Then he switched to architecture — “much to my father’s consternation” — though he would go on to complete both courses in under 7 years. Those years in America from 1955 to 1962 influenced Tata tremendously. He travelled the country and was charmed by California and that West Coast lifestyle. Tata Group says his training as an architect may have something to do with his preference for deeds over words. As he has often said, architecture provided him with the equipment to be a perceptive business leader.
6) Personal values & legacy: Known for his humility and quiet demeanour, Ratan Tata maintained a "low profile" even while leading India's biggest business house. He stepped down in 2012 as chairman of Tata Sons after 50 years with the Tata group and was appointed Chairman Emeritus of Tata Sons.
