Biography of Ratan Tata: “I don’t believe in taking right decisions. I make decisions and then make them right.”

New Delhi| Ratan Tata was born on 28 December 1937 in Bombay, British India (present-day Mumbai). He is the son of Naval Tata and Suni Commissariat. When Ratan Tata was only 10 years old, his parents divorced. Subsequently, he was adopted by his grandmother Nawazbai Tata through J. N. Petit Parsi Orphanage. Ratan Tata was raised with his half-brother Noel Tata. He was educated at Campion School, Mumbai, Cathedral and John Conan School, Mumbai, Bishop Cotton School, Shimla and Riverdale Country School, New York City. Subsequently, he completed his higher education at Cornell University and Harvard Business School.

When JRD Tata resigned as Chairman of Tata Sons in 1991, he named Ratan Tata as his successor. Ratan Tata faced many difficulties during his tenure, but he successfully conducted the decision making process. Ratan Tata organized the overlapping companies of the Tata Group into a coordinated structure. Under his leadership, Tata Sons’ revenues grew 40 times and profits 50 times. He acquired Tata Tea from Tetley, Tata Motors from Jaguar Land Rover and Tata Steel from Corus, transforming the group into a global business.

Ratan Tata is known for his philanthropic work in education, medicine and rural development. He supported the University of New South Wales Faculty of Engineering to provide better water. The Tata Education and Development Trust has given a $28 million Tata Scholarship Fund for Cornell University, which will enable financial assistance to Indian undergraduate students.
Personal Life: Ratan Tata is not married. He said in 2011 that he came close to getting married four times, but backed out for one reason or another each time.

Some of Ratan Tata’s famous quotes are as follows:1. “I don’t believe in making the right decisions. I make decisions and then make them right.”2. “If you want to walk faster, walk alone. But if you want to walk away, walk along.”3. “Take the stones that people throw at you and use them to build a monument.”

In 1962 Ratan Tata stepped into Tata Sons and worked on the floor. This experience provided them with important knowledge and understanding of the family business. In 1971, he was made director in charge of NELCO (National Radio and Electronics Co. Ltd). Although the company was in financial trouble at the time, Ratan Tata worked hard to create a better consumer electronics division. But his plan did not come to fruition due to the economic downturn and union issues.

In 1977, he was transferred to Empress Mills, another struggling unit of the Tata Group. He made plans for the mill’s restoration, but this effort was rejected by other authorities and the mill closed. Subsequently, Ratan Tata was transferred to Tata Industries. In 1991, JRD Tata appointed Ratan Tata as chairman of the Tata Group. There were some concerns and reservations about his responsibilities for the position. But when he took over the leadership of the Tata Group, he improved the overall position of the organization, revised the management and approach of the division, and succeeded in increasing dividends. During this time, he was also a member of the Prime Minister’s Council and on the RAND’s Advisory Board for Asia Pacific Policy.

He was an active member of India’s AIDS Initiative Program and is also a member of the International Advisory Board of Mitsubishi Corporation, JPMorgan Chase, Booz Allen Hamilton and American International Group. On his 75th birthday in December 2012, Ratan Tata resigned as chairman of the Tata Group. He was succeeded by Cyrus Mistry, managing director of Shapoorji Pallonji Group, and served as interim chairman from October 2016 to February 2017. Even after retirement, Ratan Tata continues to actively invest in new business ventures and contributes significantly to philanthropic causes.

Ratan Tata – Achievements and Awards

1. Padma Bhushan (2000)
2. Medal of the Oriental Republic of Uruguay (2004)
3. International Distinguished Achievement Award (2005)
4. Honorary Fellowship of the London School of Economics and Political Science (2007)Padma Vibhushan (2008)
5. ‘Grand Officer’ Award of the Order of Merit of the Italian Republic (2009)
6. Honorary Knight Commander of the Order of the British Empire (2009)
7. Oslo Business for Peace Award (2010)
8. Honorary Knight Grand Cross of the Order of the British Empire (2014)