Do you know? According to Forbes, who is the wealthiest person in the world? You will be like everyone knows about it. You will be wondering whether Elon Musk, Jeff Bezos, Bill Gates, and many more. Nevertheless, Jeff Bezos is the wealthiest person with a net worth of $177 billion followings, Elon Musk, Bill Gates, and the list goes on. But have you ever thought that is Forbes’s list correct? It is because after reading this blog, you will not trust it blindly. You will be surprised to know that it is a multinational conglomerate company that makes a turnover far beyond the figures achieved by Jeff Bezos. Although, the chairperson or owner of this company is an Indian. You might be wondering if Mukesh Ambani is that person, but he is not. He is none other than the legendary Ratan Tata, the chairperson of Tata Group & Sons of India.
The legendary Ratan Tata is arguably the most successful industrialist in our nation. He is an epitome of hard work, dedication and a strive for brilliance. The current interim chairman of the Tata Group & Sons has taken the Indian giant to the international markets. Moreover, his stories are no less than inspirational tales for the next generation.
THE LEGENDARY RATAN TATA: EARLY LIFE
The legend was born on 28 December 1937 in a wealthy family when India was under Colonial Rule. Moreover, India was celebrating Independence where his parents got separated. Afterwards, he and his brother Jimmy were then raised by Navajbai (his Grandmother). While he completed his schooling at the Cathedral & John Connon School in Bombay, for further studies, he enrolled at Cornell University in Ithaca, New York, the United States of America, in 1955. Nevertheless, Ratan Tata initially started to study engineering as per his father’s wish. Two years later, he took up architecture and completed both courses in under seven years in 1962.
DESTINY DEMANDED SOMETHING DIFFERENT
In 1961, he did not take a job offer from International Business Machines Corporation (IBM). When it comes to fate, you have to recognise that it is different from destiny. Destiny is where things are predetermined, and it does not matter what you do in life because you will never be able to change your ending. However, fate is what you will need to think about when it comes to your choices.
When it comes to priorities, you will need to consider that you have something to say in your fate, but you do not have anything to say in your destiny. As we already know, his destiny demands something different. Therefore, something like this happened with our legendary Ratan Tata. However, he joined the family business after the conviction of JRD Tata, then-chairman of the Tata Group & Sons. In 1963, he initially started in the shop and handled the blast furnace section and shovelled limestone under Tata Iron and Steel Company (TISCO).
FIRST STEP TOWARDS WRITING HISTORY
In 1971, he was promoted to Director-In-Charge at the National Radio & Electronics Company Limited. Moreover, NELCO was running through a rough financial phase at that particular time. Ratan Tata came into the role and suggested NELCO should invest in developing high technology products rather than consumer electronics. JRD Tata was initially reluctant to do so due to the financial performance of NELCO. Although, he still followed the suggestions of Ratan Tata, and the company eventually recovered all its damages.
WITH GREAT POWER COMES WITH GREAT RESPONSIBILITY
In 1991, when JRD Tata stepped down as Chairman of Tata Group & Sons, he named Ratan Tata to be the successor. Therefore, he became the fifth chairman of Tata Group & Sons. Interestingly, India has also opened the arms for foreign direct investment in India same year. It was the time when he had to prove his responsibility and compete with the global giants. With his hard work and dedication towards the Tata Group & Sons, he transformed it into the largest multinational conglomerate. Under His Leadership, Tata Group saw consistent success with an increase in revenue every year. Currently, Tata Group & Sons are running 96 diversified businesses, and 28 companies are listed publicly on the various stock exchanges like New York Stock Exchange, Bombay Stock Exchange and National Stock Exchange. Interestingly, the establishment of most of these companies was when Ratan Tata was leading the Tata Group & Sons.
HOW TO TAKE REVENGE?
In 1999, Ratan Tata and his team went to Ford Motor Company to sell their emerging car business. However, they were humiliated by Bill Ford, who said, You do not know anything. Why did you start the passenger car division at all? In 2000, Tata Tea purchased Tetley, and Tata Steel took over Anglo-Dutch steel giant Corus in 2007. Moreover, in 2008, Ratan Tata took his sweet revenge smartly when he took over ace car brands of Ford Motor Company like Jaguar and Land Rover even for half the price. Under the leadership of Ratan Tata, Tata Group & Sons acquired some of the international brands such as Jaguar, Corus, Land Rover and Tetley. After taking over global giants that turned an Indian company into an international business player.
26/11 MUMBAI TERROR ATTACKS
In 2008, the 26/11 Mumbai Terror Attack hit The Taj Mahal Place with a disaster setback. In this attack, Taj Mahal Palace was one of the prime targets. Therefore, Ratan Tata set up the Taj Public Service Welfare Trust with R.K. Krishna Kumar, Vice-Chairman of Indian Hotels Company Ltd. The trust aids any Indian citizen affected by either terror attacks or natural disasters in India. A memorial is bearing the names of all thirty-one employees and guests martyred in the hotel. In 2009, Tata Group & Sons unveiled their names.
RATAN TATA: AWARDS & HONORS
In 2005, Ratan Tata was named Forbes’ Asian Businessman of the Year. The Indian Government has also awarded Padma Bhushan in 2000 and Padma Vibhushan in 2008 for his excellence. In 2009, Queen Elizabeth II had honoured him with the Knight Commander of the British Empire. The same year he was also awarded the Order of Merit of the Italian Republic. In 2014, he was the first Indian to confer the Knight Grand Cross of the Order of the British Empire since India became a Republic in 1950.
RATAN TATA: DONATIONS & INVESTMENTS
In this precious time of the Covid-19 Pandemic, Ratan Tata has donated INR 1,500 Crore for the welfare of the people. Ratan Tata donates millions to the education sector every year for the upliftment of Indians. He donated $50 million to Harvard University and $25 million to Cornell University in one particular year, especially for the Indian students studying at both universities.
Ratan Tata has invested in various start-ups to support them across diverse businesses, including OlaCabs, PayTM and NestAway. In 2015, he also invested in Chinese Smartphone manufacturer Xiaomi. Moreover, Ratan Tata is on the advisory boards of some international brands like Mitsubishi Corporation, Booz Allen Hamilton, the American International Group and JPMorgan Chase.
LEGEND NEED A RETIREMENT
Everyone needs retirement from his responsibilities and duties, Ratan Tata after making Tata Group & Sons a successful multinational conglomerate company. He also wanted to retire in 2002, at age 65, although the board of Tata Group & Sons decided otherwise and made him non-executive chairman of the organisation. In 2005, the board declared that non-executive directors do not retire before 75 years of age, ensuring that Ratan Tata remains at the helm till 2012. Moreover, Ratan Tata is still working for the nation and the welfare of the people.
SOME INTERESTING FACTS ABOUT RATAN TATA
- Ratan Tata is also a qualified pilot like JRD Tata. Moreover, he completed his first solo flight at 17 years of age. In February 2007, he became the first Indian to fly an F-16 Fighter Jet during an airshow.
- Ratan Tata came close to marriage four times in his life. He told in an interview to CNN International Talk of Asia that each time he backed off in fear or for one reason or another.
- Ratan Tata is not the wealthiest person on the planet earth. However, he owns most of his shares through trusts and foundations.
A true Gentleman from the heart and inspiration to many young minds and also encourages new talents. It was a dream of Ratan Tata to launch the cheapest car in the world so that everyone could afford it. Ratan Tata fulfilled his dream by launching Tata Nano in 2008, but it was a failure due to some reasons. It does not mean that you should not try in your life. There is a saying, “Every success story comes after a failure.”
Thanks for Reading!!!
Composed By: Abhay Ghanghas