Ratan Tata is a prominent Indian industrialist and the former Chairman of the Tata Group of Companies, India’s largest conglomerate. He is currently Chairman Emeritus of Tata Sons, the Tata Group’s parent company, which owns Tata Steel, Tata Motors, Tata Power, Tata Consultancy Services, Indian Hotels, and Tata Teleservices, among other key enterprises. He was raised by his grandmother from the age of ten when his parents divorced, and after graduation, he got actively involved in the family business. He began his career at Tata Steel as a coworker on the shop floor, where he learned about his family’s business. He became the new Chairman of the Tata Group after J.R.D. Tata retired. Under his guidance, the company soared to new heights and raked in significant sums of money from outside. He had a key role in the acquisitions of Tetley, Jaguar Land Rover, and Corus, which transformed Tata from an India-centric corporation to a global brand. He has served in numerous roles in Indian and international organizations in addition to building his multinational. He is also a major philanthropist, with more than half of his company’s stock held in charitable trusts. Even after retirement, he continues to serve as a driving force for his business through his pioneering ideas and cheerful outlook.
Childhood and Adolescence
Naval Tata and Sonoo Tata were his parents, and he was born on December 28, 1937, in Surat, India. Ratanji Tata, the younger son of Jamsetji Tata, had an adopted son named Naval Tata. The Tata Group of Companies was founded by Jamsetji Tata. Jimmy Tata is Ratan Tata’s brother, and Noel Tata is his stepbrother.
His parents divorced when he was ten years old, and he and his brother were raised by his grandmother, Navajbai Tata.
He attended the Campion School in Mumbai for his early education and the Cathedral and John Connon Schools in Mumbai for his secondary education. He received his B.S. in architecture with structural engineering from Cornell University in the United States in 1962.
Later, he enrolled at Harvard Business School and graduated with honors from the Advanced Management Program in 1975.
The Career of Ratan
He began his career with the Tata Steel division in 1962, shoveling stones and working with furnaces with blue-collar workers. It was demanding work, but it taught him a lot about his family’s business and made him respect it more.
He was named Director-in-Charge of the National Radio & Electronics Company Limited (NELCO) in 1971 in order to repair the company’s ailing finances. He worked hard to improve the company’s consumer electronics segment, but the recession and labor strikes hampered his progress.
In 1977, he was sent to Empress Mills, a Tata Group textile plant that was failing. He offered a mill design, but it was rejected by the other Tata executives, and the mill was shut down. He was later transferred to Tata Industries.
J.R.D. Tata named him the new Chairman of the Tata Group of Companies in 1991. Following concerns from other corporate officials, this choice was questioned, and questions were raised about his competence to govern the organization.
However, under his direction, he was able to improve the financial success of the industries and expand the organization’s growth. He changed the division’s management and direction, and he was able to increase dividends by a significant amount.
He was also appointed to the Prime Minister’s Trade and Industry Council. He is a member of the RAND Center for Asia Pacific Policy’s advisory board and is involved in India’s AIDS initiative program.
He is also a member of the Mitsubishi Cooperation, the American Worldwide Group, JP Morgan Chase, and Booze Allen Hamilton’s international advisory boards.
He resigned as Chairman of Tata Group on his 75th birthday, December 28, 2012, and was succeeded by Cyrus Mistry, managing director of Shapoorji Pallonji Group. He continues to be an active businessman even after retirement, investing in new and potential business ideas.
Ratan’s Major Projects
He was able to earn international prominence and distinction for the Tata Group as Chairman. The Tata Group’s phenomenal financial performance landed it on the New York Stock Exchange, and under his leadership, the firm grew into a global brand by acquiring companies like Tetley, Jaguar Land Rover, and Corus.
He was a key figure in the design and development of the Tata Nano and Tata Indica automobiles.
He is also a well-known philanthropist, with almost 65 percent of his holdings in charitable trusts. One of his life’s main goals has been to improve the quality of life of Indians while also advancing human progress.
Achievements & Awards
In the year 2000, the Padma Bhushan, India’s third-highest civilian honor, was bestowed on him.
The Government of Uruguay awarded him the ‘Medal of the Oriental Republic of Uruguay’ in 2004.
The B’nai B’rith International awarded him the ‘International Distinguished Achievement Award’ in 2005.
The London School of Economics and Political Science awarded him an Honorary Fellowship in 2007.
In 2008, he was given the ‘Padma Vibhusan,’ India’s second-highest civilian honor.
The Government of Italy awarded him the ‘Award of ‘Grand Officer’ of the Order of Merit of the Italian Republic’ in 2009.
He was made an Honorary Knight Commander of the Order of the British Empire in the United Kingdom in 2009.
He was awarded the ‘Oslo Business for Peace Award’ by the Business for Peace Foundation in 2010.
He was awarded the title of “Honorary Knight Grand Cross of the Order of the British Empire” in 2014.
Personal History and Legacy
Ratan Tata is a single man. He is noted for keeping a low profile. He lives in a modest home in Mumbai and commutes in a Tata Sedan.
Estimated Net worth
Ratan Tata has a net worth of $1 billion and is the chairman of the Tata Group as well as other significant Tata firms. Ratan Tata’s net worth has grown as a result of his work at Tata Sons.
He began his career shoveling limestone and tending to the blast furnace on the ground level of Jamshedpur. He became the Director of NELCO in 1971 when the company was struggling. He was able to increase market share by 23%, but owing to labor troubles and the economy, the company swiftly began to deteriorate.