The world lost one of its greatest visionaries on October 9, 2024, as Padma Vibhushan, a leading philanthropist and India’s leading industrialist, Ratan Tata, 86, breathed his last in Mumbai. Tata played a significant role in transforming the Tata Group into a global powerhouse. During his chairmanship (1991-2012), he acquired global brands like Jaguar and Land Rover and launched the Tata Nano, the world’s most affordable car.
Tata was known for his ethical leadership and philanthropy and inspired countless entrepreneurs with his dedication and humility. Let’s dive into his incredible life and uncover some remarkable incidents to learn from.
Early Life
Ratan Naval Tata belonged to one of India’s most prestigious business families - the Tata family. His parents, Naval Tata and Soonoo Tata, divorced when he was 10. This event deeply impacted Tata’s life and is attributed to his decision to remain unmarried. He was mostly raised by his grandmother, Navajbai Tata, who supported him in most of his endeavours, even when his parents opposed them.
During his youth, Tata developed a passion for aviation. He obtained a pilot’s license early and is known to fly planes well into his later years. He remains one of the few Indian business leaders with such a skill.
In 1962, when Tata joined the steel-to-software conglomerate founded by his great-grandfather over a hundred years ago, he started his career on the factory floor of Tata Steel in Jamshedpur. His responsibilities included shovelling limestone and managing blast furnaces. Despite having an offer from IBM, he chose to stay with the family business, starting at the ground level and learning the ropes.
Contributions As a Business Leader
Tata took over as chairman of Tata Sons in 1991. He steered the group amid India’s economic liberalisation and spearheaded its global expansion, growing it by over 70 times. He led the most renowned initiatives of the Tata Group - Tata Teleservices and Tata Consultancy Services’ IPO. Under his leadership, the company clocked over $100 billion in revenue.
Tata donned a new hat in his later years and began supporting and mentoring young 21st-century entrepreneurs. He also mentored Akash Ambani, the son of renowned industrialist Mukesh Ambani.
Tata invested in new-age tech-driven startups with the firm belief that they will transform the country’s future. Through his investment company, RNT Associates, he invested in as many as 25 Indian companies. Some leading entrepreneurial ventures under his investment portfolio are Ola, Lenskart, Urban Company, Snapdeal, Paytm, Zivame, Curefit, and Urban Ladder.
Contributions As a Philanthropist
Tata was a philanthropist to the core. He shared the DNA of his great-grandfather and the founder of Tata Sons, Jamshetji Tata, believing every business must serve its community. His contributions to philanthropy, from education and healthcare to rural development, have left a deep-rooted mark for generations to benefit from. Tata was the highest international donor to Cornell University.
Under his leadership, Tata Trusts built ten cancer care facilities in Karnataka, Andhra Pradesh, Assam, and Jharkhand. These facilities are used for research and provide state-of-the-art treatment to poor people. Moreover, around 60% of the dividends from Tata Sons are used toward charitable endeavours.
His philanthropic initiatives weren’t restricted to humans. He was also a dog lover. He invested in the pet-care portal Dogspot and permitted all strays outside the conglomerate’s headquarters in Mumbai to take shelter inside.
Tata was bestowed with two of India’s highest civilian honours - the Padma Bhushan in 2000 and the Padma Vibhushan in 2008.
Ratan Tata’s Interaction with Bill Ford - An Iconic Example of Business Resilience
In 1998, Tata Motors introduced the Tata Indica, the most modern car ever designed by an Indian company. However, it faced poor initial adoption. As a result, The company’s entry into the passenger car division seemed to be a failure.
In 1999, Ratan Tata and his team visited Detroit, Michigan, to discuss the sale of Tata’s car business with Ford Motors. It is believed that Bill Ford, the executive chairman of Ford, didn’t respond to the offer positively and mentioned that their decision to acquire Tata Motors would be a favour to the group.
After the meeting, Tata returned with the determination and resolve to make the company successful in the passenger car segment.
A decade later, around the late 2000s, Ford struggled financially due to the global recession and mounting losses. Ford had no choice but to offload its luxury brands, Jaguar and Land Rover (JLR). The Tata Group was a potential buyer and acquired JLR for $2.3 billion in 2008. Tata, with his resilience and dedication, made both brands thrive and achieve massive profits.
This episode is a powerful lesson in humility, perseverance, and the uncertainties in business.
Tata’s Timeless Quotes to Inspire the Youth
- Power and wealth are not two of my main stakes.
- Take the stones people throw at you and use them to build a monument.
- If you want to walk fast, walk alone. But if you want to walk far, walk together.
- The best leaders are those most interested in surrounding themselves with assistants and associates smarter than they are.
- I admire people who are very successful. But if that success has been achieved through too much ruthlessness, then I may admire that person less.
- One day, you will realise that material things mean nothing. All that matters is the well-being of the people you love.
- Ups and downs in life are very important to keep us going because a straight line, even in an ECG, means we are not alive.
- Be persistent and resilient in the face of challenges, for they are the building blocks of success.
- Never underestimate the power of kindness, empathy, and compassion in your interactions with others.
- I don’t believe in work-life balance. I believe in work-life integration. Make your work and life meaningful.
Conclusion
Ratan Tata’s body was cremated in Mumbai with state honours. His casket was wrapped in the Indian flag and decorated with wreaths of white flowers. The cremation ceremony was attended by thousands of people, including celebrities, politicians, and India’s corporate elite. Tata’s younger brother, Jimmy Tata, also arrived to pay his final respects.
In the IIFL Wealth Hurun India Rich List 2024, Ratan Tata ranked 350th among India’s richest men. His total net worth was Rs. 7,900 crore. After the national icon’s demise, the social media sentiment highlighted how his hard work, contributions, and good deeds brought people together across borders and religions. Many called him “Bharat Ratan,” appreciating his dedication to social causes.