Ratan Tata, who ran Tata Sons for more than 20 years as chairman, died at a Mumbai hospital.

Ratan Tata, the chairman emeritus of Tata Sons, has died, the group announced in a statement on Wednesday. He was 86. Ratan Tata, who ran the conglomerate for more than 20 years as chairman, had been undergoing intensive care in a Mumbai hospital since Monday.

“It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation,” said N Chandrasekaran, Chairman, Tata Sons, in a late night statement.

On Monday, the industrialist had in a social media post dismissed speculation surrounding his health and had said he was undergoing routine medical investigations due to his age.

Prime Minister Narendra Modi paid tribute to Ratan Tata, calling him a visionary business leader, compassionate soul, extraordinary human being.

“Ratan Tata endeared himself to people, thanks to his humility, kindness, unwavering commitment to making society better,” PM Modi said in a post on X (formerly Twitter).

After graduating with a degree in architecture at Cornell University, he returned to India and in 1962 began working for the group his great-grandfather had founded nearly a century earlier.

He worked in several Tata companies, including Telco, now Tata Motors Ltd, as well as Tata Steel Ltd, later making his mark by erasing losses and increasing market share at group unit National Radio & Electronics Company.

In 1991, he took the helm of the conglomerate when his uncle J.R.D. Tata stepped down – the passing of the baton coming just as India embarked on radical reforms that opened up its economy to the world and ushered in an era of high growth.

Under Tata’s leadership, the group launched the Tata Nano, the world’s cheapest car, and expanded its software services arm, Tata Consultancy Services (TCS), into a global IT leader.

Tata stepped down as chairman in 2012 but was later named chairman emeritus of Tata Sons and other group companies, including Tata Motors and Tata Steel. He briefly returned as interim chairman in 2016 during a leadership dispute.

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