Ratan Tata, visionary business leader and philanthropist, passes away at 86
- In Current Affairs
- 06:22 PM, Oct 10, 2024
- Myind Staff
Just days before his passing, Tata had assured the public that his health was stable. After being admitted to the hospital for age-related ailments, he dismissed rumours about his health. “I am aware of recent rumours circulating regarding my health and want to assure everyone that these claims are unfounded,” Tata had stated. However, his health began to decline rapidly, and he was admitted to the hospital after experiencing sinking spells.
Ratan Tata’s illustrious career with the Tata Group began in 1962, and he took the helm as chairman in 1991 following the death of his predecessor, J.R.D. Tata. His leadership coincided with significant economic reforms in India, and he quickly set about reorganising the group. Tata's vision led to remarkable growth; by the time he stepped down in 2012, the Tata Group's revenue had soared to $100 billion from $5.9 billion when he first took over.
Under his guidance, the Tata Group made substantial international acquisitions, including the purchase of Tetley Tea, Jaguar Land Rover, and Corus Group, amounting to a combined investment of $15 billion. These strategic decisions cemented the Tata brand as a formidable force in both the domestic and global markets. The public offering of Tata Consultancy Services (TCS) in 2004 was particularly notable, establishing it as India’s largest IT services company and a major profit generator for Tata Sons.
Despite the accolades, Tata faced challenges during his tenure. One of the most significant setbacks was the launch of Tata Nano in 2008, which aimed to be the world’s cheapest car but was plagued by controversies and production issues, leading to its eventual discontinuation in 2018. Additionally, the Tata Group's foray into the telecom sector was marked by losses and did not achieve the intended success.
Tata’s legacy is complicated by the highly publicised dismissal of former Tata Sons chair Cyrus Mistry and the ensuing fallout with the Shapoorji Pallonji family, which holds an 18% stake in Tata Sons. This incident raised questions about governance within the group and tarnished Tata's otherwise stellar reputation.
Known for his philanthropy, Tata dedicated a significant portion of his wealth to various charitable initiatives through the Tata Trusts. His commitment to education, healthcare, and community development reflects his belief in giving back to society. The impact of his philanthropic efforts will be felt for generations, as he worked to uplift the underprivileged and improve living conditions in India.
Ratan Tata was a beloved figure, not only for his business acumen but also for his gentle nature. He was a teetotaler and non-smoker, and his affection for animals was well-known. His home, which included a kennel for street dogs, showcased his compassion. “Only two persons are close to the chairman—Tito and Tango, the German Shepherds who occupied centre stage at his home,” quipped R. Venkataramanan, former CEO of Tata Trusts, highlighting the personal side of the revered businessman.
In recognition of his contributions, Tata received the Padma Vibhushan, India’s second-highest civilian award, in 2008. His life story, "Ratan Tata—A Life," remains an unfinished project, reflecting the many layers of a man who shaped Indian industry and society.
As the nation mourns the loss of a monumental figure, the future of the Tata Group remains uncertain. Tata had entrusted the leadership to Chandrasekaran, but with his passing, questions loom about the direction and management of one of India’s oldest business houses. Ratan Tata leaves behind an unparalleled legacy, marked by achievements that have left a lasting impact on both the corporate landscape and the broader society in which he operated.
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