Contributions and Legacy of Ratan Tata | 10 Oct 2024

Source: HT

Why in News?

Recently, Ratan Naval Tata, the former chairman of Tata Group who became a symbol of India's economic resurgence in the 21st century, passed away at a Mumbai hospital at the age of 86.

Who was Ratan Tata? 

• About: 
  • Ratan Naval Tata was a respected Indian businessman and former chairman of Tata Group, one of India’s largest conglomerates. 
  • He was awarded the Padma Bhushan in 2000 and the Padma Vibhushan in 2008. 
  • He graduated in architecture from Cornell University before returning to India in 1962 to join the Tata Group, founded by his great-grandfather, Jamsetji Tata. 
  • He was a licensed pilot, known for his quiet demeanour, relatively modest lifestyle and philanthropic initiatives. 
  • Ratan Tata remained a visionary leader and a compassionate figure, earning widespread respect in both business and social circles. 
• Achievements: 
  • Ratan Tata played a key role in transforming Tata Group into a global powerhouse, with ventures spanning industries such as steel, automobiles, software, and telecommunications. 
  • Early in his career, he worked with several Tata companies, including Tata Motors (formerly Telco) and Tata Steel, and revitalised the National Radio & Electronics Company. 
  • In 1991, he succeeded J.R.D. Tata as chairman of Tata Group. 
  • He implemented significant organizational reforms such as enforcing retirement ages and promoting young talent to leadership roles. 
  • He was also awarded with: 
    • Assam Baibhav by Government of Assam in 2021. 
    • Honorary Officer of the Order of Australia by King Charles III in 2023. 
    • Honorary Doctor of Science by IIT Bombay in 2008  
    • Honorary Knight Grand Cross of the Order of the British Empire (GBE) by Queen Elizabeth II in 2014  
    • Honorary Citizen Award by Government of Singapore in 2008. 
• Contributions: 
  • Tata set up Tata Teleservices in 1996 and took Tata Consultancy Services (TCS) public in 2004, capitalising on the IT boom. 
  • His leadership marked significant international acquisitions, including: 
    • The purchase of Tetley Tea in 2000. 
    • Acquisition of VSNL (Videsh Sanchar Nigam Limited) in 2002. 
    • The acquisition of Corus Steel in 2007, one of the largest takeovers by an Indian company. 
    • The acquisition of Jaguar and Land Rover from Ford in 2008. 
    • Tata played a key role in Tata Group's acquisition of Air India from the government in January 2022. 
  • He also launched the Tata Nano, a low-cost car aimed at providing affordable transportation to the Indian masses. 
  • After stepping down from active leadership, Tata became a prominent investor in Indian startups, backing companies such as Paytm, Ola Electric, and Urban Company.