The demise of industrialist Ratan Naval Tata at the age of 86, chairman emeritus of the $100 billion conglomerate, the Tata Group, signifies the end of an era for the business world. Tata was one of India’s most internationally recognised business leaders.

Born in a traditional Parsi family in 1937, he studied architecture and structural engineering at Cornell University in the US. In 1991, Tata took over as chairman of the group when he was 54, just as India began liberalising its economy by shedding the socialist-era protectionist policies. This led to the end of the long-held Licence Raj (through which foreign companies were required to have a domestic partner), opening the door for massive economic reforms and global investment in the country.

When he assumed control, Tata Sons, the group holding company, had stakes in many group companies as low as three percent or 13%, leaving them open to hostile takeovers. Tata began consolidating his hold over the group without personally increasing his small shareholding. In fact, “he owned less than one percent of the group that bears his family name. But he was a titan nonetheless: the most powerful businessman in India and one of the most influential in the world,” stated The Economist in a 2011 profile of Tata.

At a time when many Indian companies asked for protection against foreign competition, Tata began thinking global. He aggressively sought to expand the conglomerate and increasingly he focused on globalising its businesses by forging alliances with foreign companies. In 2000, Tata Tea acquired the much-loved British tea brand Tetley for $431 million, and in 2004, Tata Motors bought the South Korean Daewoo Motors’ commercial vehicle arm for another $102 million. Tata Steel completed the biggest corporate takeover by an Indian company when it acquired the giant Anglo-Dutch steel manufacturer Corus Group for $11.3 billion in 2007. The following year Tata oversaw Tata Motors’ purchase of the elite British car brands Jaguar and Land Rover from the Ford Motor Company. The $2.3 billion deal marked the largest-ever acquisition by an Indian automotive firm.

His focus was more on brands and less on heavy industries. He reorganised more than 250 companies into 98 operating ones, reducing the labour force by more than a third.

In 2007, Tata Steel acquired the Anglo-Dutch steelmaker Corus for $12 billion, in what was one of the biggest acquisitions of its time. At that time, Corus’ annual steel production was four times higher than Tata Steel’s. But unlike his successes in other projects, Corus was a drag on Tata, as the company failed to recover from the 2008 global financial crisis.

A year later, Tata bought the celebrated but ailing British carmaker, Jaguar Land Rover (JLR), from Ford Motors for $2.3 billion. The venture was profitable for eight years, followed by losses from 2018 onwards.

In his 20 years at the helm, Tata’s sales grew by 22% annually and its international revenue rose from a quarter to 58% of the total, Tata Motors became the country’s largest automaker, Tata Steel, the largest private steel company, Tata Power, the premier information technology company and Tata Consultancy Services became Asia’s largest software company.

In 2008, Tata spearheaded the development of the microcar Tata Nano, marketed as the most affordable car in the world and initially sold for 100,000 rupees ($2,000). Publicised as a “people’s car,” it could seat up to five adults. Ratan Tata said at the time that it would provide a “safe, affordable, all-weather form of transport” for millions of middle and lower-income Indian consumers. However, environmentalists called it an eco-disaster. Unfortunately, the price point could not be sustained, but despite poor sales, production of the Nano continued for a decade because of the company’s commitment to the project.

Ratan Tata’s life and career offer invaluable lessons in ethical business practices, innovation and global expansion.

He was a catalyst for change, championing ethical business practices and emphasising social responsibility through initiatives like Tata Trusts. His leadership at Tata Motors and Tata Steel exemplified his commitment to rural development and nation-building.

Ratan Tata was not only an expert marketer obsessed with branding, which transformed the Tata Group into a household name in India as well as a global powerhouse. He also built his personal brand through his philanthropic efforts, including contributing $50 million to Harvard Business School to create Tata Hall. In recognition of the Tata family’s ‘constructive philanthropy,’ the Carnegie family of organisations awarded the Tata family the Carnegie Medal of Philanthropy in 2007. The Tata Centre for Technology and Design at the Massachusetts Institute of Technology works on providing solutions to challenges faced by communities that have limited access to electricity, low income and poor literacy.

He was also bestowed an honorary Doctor of Law from the University of Cambridge – along with a slew of other honorary degrees. His initiatives included support for Apollo Hospitals, Air India and the Tata Centre for Technology, where he advocated for education and entrepreneurship.

In his lifetime, he received two of India’s highest civilian honours: the Padma Vibhushan (2008) and the Padma Bhushan (2000). He has been appointed Knight Grand Cross of the Most Excellent Order of the British Empire and the Rockefeller Foundation has conferred him with a Lifetime Achievement Award.

Peter Casey, author of The Story of Tata, described Tata as a “modest, reserved and even shy man” who had a “stately calm” about him and a “fierce discipline.” He was a soft-spoken man renowned for his courtesy, who remained a bachelor and was given company by his beloved dogs. He was known for living modestly, although his possessions included a private jet, a collection of expensive classic cars and a speedboat.

May his soul rest in peace.

Fauzia Kerai Khan is CEO, I&B Consulting, Assessing, Learning, Consulting. fauzia@iandbconsulting.com