Industrialist and philanthropist Ratan Tata
The will also leaves a share for his siblings – own brother Jimmy and two step-sisters Shireen and Deanna Jeejabhoy, his butler Subbiah and the cook Rajan Shaw
The late Ratan Naval Tata has left most of his estimated wealth of around Rs 10,000 crore to the charitable foundation he named after himself.
A share of the fortune also goes to his siblings, his cook and butler as well as the German Shepherd Tito, who will get “unlimited care”.
Tito, who was adopted by Tata six years ago after his pet by the same name died, will be cared for by Tata’s longtime cook Rajan Shaw.
In the will, which awaits probate from the Bombay High Court, the business titan-turned-mass-icon has also waived off the education loans given to his executive assistant Shantanu Naidu.
The industrialist-philanthropist’s wealth is estimated at around Rs 10,000 crore, most of which comes from his 0.83 percent holdings worth around Rs 8,000 crore in Tata Sons, the parent of the $165 billion salt-to-software conglomerate.
The rest comes from his bank deposits of around Rs 350 crore and investments in over two dozen startups, through two of his investment companies RNT Associates and RNT Advisors, all of which will be liquidated once the will is probated by the high court and transferred to the Ratan Tata Endowment Foundation, according to gist of the will shared by a source
That apart, the Tata’s assets include a 2,000-sq ft beach bungalow in Alibaug, a two-storey bungalow on the Juhu Tara Road in Mumbai, fixed deposits, as mentioned earlier, in excess of Rs 350 crore and the Halekai, the sea-facing bungalow in Colaba plus his investments in over two dozen startups.
According to the latest Hurun India rich list, released in August 2024, the late Tata was ranked 350th amongst the richest Indians with a net worth of Rs 7,900 crore. Hurunconsiders only listed our unlisted share value and not other assets.
The will also leaves a share for his siblings – own brother Jimmy and two step-sisters Shireen and Deanna Jeejabhoy, his butler Subbiah and the cook Rajan Shaw who was with the late Tata for over three decades. The will also has something for his household staff too.
His 0.83 percent stake in Tata Sons will be transferred to the charitable trust, Ratan Tata Endowment Foundation (RTEF), while his various awards and recognitions will be donated to the Tata Central Archives. Transferring personal assets to the trusts has been a tradition with the Tatas.
Tata Sons chairman N Chandrasekaran is likely to be joining the Foundation, founded in 2022, as its chairman. The Foundation has supported non-profit ventures and made notable investments, including a Rs 147 crore purchase of Tata Technologies shares before its 2023 IPO and a stake in Tata Digital, which runs Tata Neu.
Ratan Tata’s startup investments through RNT Associates and RNT Advisors will be sold and the proceeds directed to the Foundation, which is a section 8 company focused on non-profit causes.
It is likely that the Ratan Tata Endowment Foundation may become the primary channel for the late industry giant’s considerable fortune, as it is set to receive majority of Tata’s estimated Rs 10,000 crore estate, including his valuable stake in Tata Sons and other Tata Group companies. The foundation will also benefit from the liquidation of two startup investments arms.
The late Tata willed that his investment in his executive assistant Shantanu Naidu’s companionship venture Goodfellows, a startup helping stray dogs, be relinquished and also waived off a loan that Naidu had taken for studying abroad. Naidu had met Rata with this startup idea and their bond got deeper over the years.
Ratan Tata’s love for dogs was such that in July 2023, he opened the country’s first Small Animal Hospital in Mahalaxmi, Mumbai with an investment of over Rs 250 crore. The facility has ICUs, HDUs, CT scans, X-Rays and MRI. It offers several kinds of treatment for pets.
His pet love saw him skip a royal ceremony in 2018 wherein he was to be awarded by Prince Charles of England for his lifelong philanthropy because one of his two pet dogs was unwell. And when Charles found out the reason why Tata chose to give the royal ceremony a miss, he said, “That’s a man. That’s the man Ratan is. That’s why the house of Tata is what it is.”
Tata’s collection of 20-30 luxury cars, housed at his Colaba residence and Taj Wellington Mews apartments, may either be acquired by the Tata Group for its museum in Pune or auctioned. His numerous awards will be donated to the Tata Central Archives to preserve his legacy.
Rata Tata, born on December 28, 1937, passed away on October 9 in Breach Candy Hospital and leaves behind an enduring legacy of leadership, ethical business practices, and philanthropy. He served Tata Sons as its chairman from March 1991 to December 2012, and briefly as interim chairman in 2016, and was instrumental in the company’s growth from $4 billion in 1991 to close to over $100 billion by 2012.
According to RNT Associates FY23 financial statements, it had assets of Rs 296.96 crore, comprising investments worth Rs 186 crore and Rs 77.88 crore in cash. It had revenue of Rs 36.39 crore in FY23, up from Rs 17 crore in FY22 and earned a profit of Rs 27.71 crore up Rs 12.47 crore.
Mehli Mistry, a close associate and confidant of Ratan Tata, and the first cousin of the late Cyrus Mistry, is the only other director on the board of RNT Associates. He is also a trustee of the Sir Ratan Tata Trust, Sir Dorabji Tata Trust, and Tata Education and Development Trust.
The late Tata had also founded a few other companies after handing over the reins of Tata Group, such as the micro lender Avanti Finance and Electrodrive Powertrain Solutions (Electra EV).
Avanti was set up in 2016 along with Nandan Nilekani, with Tata holding a 11.2 percent stake and Nilekani holding 87 percent. The founders have invested Rs 165 crore of equity in Avanti.
Incorporated in 2017, Electra EV manufactures powertrains for electric vehicles. Electra is the sole supplier of powertrains for the Tata Aces and has 25-30 percent share in the Tata Tigor model. The company had a networth of Rs 178.8 crore as of March 2023.
