Indian tycoon Ratan Tata dies at the age of 86

Indian tycoon Ratan Tata has died at the age of 86, said the Tata Group, which he led for more than two decades.

Tata was one of India’s globally recognized business leaders.

The Tata Group is one of India’s largest companies, with an annual turnover of more than $100bn (£76.5bn).

In a statement announcing Tata’s death, the current chairman of Tata Sons described him as a truly extraordinary leader.

Natarajan Chandrasekaran added: “On behalf of the entire Tata family, I extend our deepest condolences to his loved ones.

“His legacy will continue to inspire us as we strive to uphold the principles he fought so hard for.”

During his tenure as chairman of the Tata Group, the conglomerate made several high-profile acquisitions, including the Anglo-Dutch steelmaker Corus, UK-based Jaguar and Land Rover, and Tetley, a tea company. second largest in the world.

A profile published in the Economist magazine in 2011 called Tata a “titan”, crediting him with turning the family group into a “global powerhouse”.

“He owns less than 1% of the group that bears his family name. But he is a titan nonetheless: the most powerful businessman in India and one of the most influential in the world,” the magazine said.

In 2012, he retired as the chairman of the group and was appointed as the chairman of Tata Sons, the company that owns the group.

Tata was born into a Parsi family in 1937. He studied civil engineering at Cornell University in the US.

In 1962, he joined Tata Industries – the group’s promoter company – as an assistant and spent six months undergoing training at the company’s factory in Jamshedpur.

From here, he went on to work at Tata Iron and Steel (now Tata Steel), Tata Consultancy Services (TCS) and National Radio and Electronics (Nelco).

In 1991, JRD Tata, who had led the group for more than half a century, appointed Ratan Tata to replace him. “He [JRD Tata] he was my biggest mentor… he was like a father and a brother to me – and not enough has been said about that,” Tata later told an interviewer.

In 2008, the Indian government awarded him the Padma Vibhushan, the country’s second highest honour.