Ratan Tata is an Indian industry who needs no introduction. But, still we have compiled some key facts you might not be knowing about the Tata family scion.
Indian entrepreneurs are motivated today by the likes of Jeff Bezos and Elon Musk. But, there’s one person back home who will continue to inspire entrepreneurs even in the future. That person was born on December 28, 1937, , in Mumbai, India, as Ratan Naval Tata, whom we all know all Ratan Tata: the son of Naval Tata who was later adopted by founder of Tata Group,Jamsetji Tata’s son, Ratanji Tata.
Ratan Tata’s net worth is $1 Billion. Many new entrepreneurs look up to this straightforward person who is known for his generosity. Even though Ratan Tata has wealthy family, he never took power or wealth for granted.
But Ratan Tata’s life was not always a bed of roses as his parents divorced in 1940 when he was just 10 years old. It was Ratan Tata’s grandmother who raised him then. He received his education at Cornell University in Ithaca, New York, where he earned a B.S. in architecture in 1962 before returning to work in India. He gained expertise in a variety of Tata Group companies. Ratan Tata was then appointed as director in charge of one of them, the National Radio and Electronics Co., in 1971. A decade later, he became chairman of Tata Industries. Ratan Tata replaced his uncle, J.R.D. Tata, as chairman of the Tata Group, in 1991.
But, he began his career at the Tata Steel Division, where he toiled alongside blue-collar workers. Tata was appointed Director-in-Charge of the National Radio and Electronics Company Limited (NELCO) in 1971, when it was in serious need of resuscitation, and he successfully resurrected it.
In 1990, he took over the Tata Group and modernised the group’s business procedures in order to compete successfully in the new era. During his tenure, he combined all Tata firms, and acquired a number of companies, including Tetley and Jaguar Land Rover. Ratan Tata also floated Tata Motors on the New York Stock Exchange, providing the company international renown.
During his presidency, India received its first indigenously manufactured vehicle, the Indica, as well as its first tiny car, the Nano. Tata’s Nano, the world’s most affordable automobile, was created in response to concerns about the safety of nuclear families travelling by two-wheeler.
Ratan Tata believes that a CEO’s thoughts and approach may either make or break them. Tata Motors was able to achieve the historic contract with Ford Motors under his guidance and supervision. He likes to take chances. When he first joined the firm, it had little visibility outside of India. Despite the fact that many people disagreed with him, he was adamant about the company’s global plan. Tata’s major revenue is currently generated outside of the country.
Rata Tata actively attempted to develop the company after taking over as CEO, and he increasingly concentrated on making its businesses global. In 2000, the business paid $431.3 million for London-based Tetley Tea, and in 2004, it paid $102 million for Daewoo Motors’ truck manufacturing operations. Tata Steel accomplished the largest corporate takeover by an Indian business in 2007 when it paid $11.3 billion for the huge Anglo-Dutch steel maker Corus Group.
Ratan Tata successfully dealt with failures. Despite multiple setbacks during his career, he launched the Tata Indica Car in 1998. Unfortunately, the car did not pique the interest of buyers, causing the board and committee members to urge that Ratan Tata sell the vehicle to Ford. Ratan Tata then travelled to Ford’s headquarters to finalise the deal’s details.
The Ford Board of Directors stated, “How did you get into the business when you have no experience with passenger cars?” They told Ratan Tata they were doing him a favor by purchasing his business. He returned to Mumbai without signing the deal after learning this This word did not depress him, but rather increased his confidence. He intended to overcome the critics with his enthusiasm and determination.
After a few years, Tata Indica became profitable, and Ford Company released two premium automobiles, Jaguar and Land Rover, at the same time.
However, the Ford Motor Company was losing money at the time. Ratan Tata suggested to Ford Motor Company, and the tables were turned.
He claimed that he was willing to buy these vehicles. He directed that the Ford Chairman and committee members travel to Mumbai to finalise the acquisition.
As a result, he acquired and profited from Ford’s Jaguar and Land Rover businesses. This was his quiet retaliation for the setback he had received.
His diligence and knowledge have greatly aided him on his journey to success.
Ratan Tata is also an accomplished pilot who became the first Indian to fly the F-16 Falcon in 2007. Last year, the Tata Group acquired struggling state-owned airline, Air India, from the central government in an auction for Rs 18,000 crore.
At the time, Ratan Tata said on Twitter: “Welcome Back, Air India!” This is because, Air India began as Tata Air Services, which was later renamed Tata Airlines, and was created by J. R. D. Tata of Tata Sons, an Indian aviator and business mogul.
Ratan Tata’s honours include the International Distinguished Achievement Award, Honorary Fellowship of the London School of Economics and Political Science, Padma Vibhushan, Grand Officer of the Italian Republic’s Order of Merit, and others.
Ratan Tata gave $50 million in 2010 to Harvard Business School, where he received his undergraduate degree. The hall’s name is Tata Hall.
In the year 2000, Tata was awarded the Padma Bhushan, India’s third-highest civilian honour. He was awarded the ‘Medal of the Oriental Republic of Uruguay’ in 2004.
Ratan Tata’s honorary accolades include the International Distinguished Achievement Award, Honorary Fellowship of the London School of Economics and Political Science, Padma Vibhushan, Grand Officer of the Italian Republic’s Order of Merit, and others.
Ratan Tata’s honours include the International Distinguished Achievement Award, Honorary Fellowship of the London School of Economics and Political Science, Padma Vibhushan, Grand Officer of the Italian Republic’s Order of Merit, and others.
