NEW DELHI – Mr. Ratan Tata, the former chairman of Tata Group who transformed the vast Indian conglomerate into a global player through a series of high-profile acquisitions, passed away at 86, the company announced on Oct 9.

Mr. Tata, who led the group for over two decades, had been in intensive care at a Mumbai hospital, according to sources familiar with his condition.

“We deeply mourn the loss of Mr. Ratan Naval Tata, an extraordinary leader whose monumental contributions shaped not only the Tata Group but the entire nation,” the company said in a statement.

Prime Minister Narendra Modi expressed his sorrow on social media, calling Mr. Tata “a visionary business leader, a compassionate soul, and an exceptional human being.” He added, “Deeply saddened by his passing. My condolences go out to his family, friends, and admirers in this moment of grief.”

After earning a degree in architecture from Cornell University, Mr. Tata returned to India in 1962 and began his career in the family business, which his great-grandfather had founded nearly a century earlier.

He held various roles in Tata companies such as Telco (now Tata Motors Ltd) and Tata Steel Ltd, eventually making his mark by turning around the struggling National Radio & Electronics Company.

In 1991, he succeeded his uncle J.R.D. Tata as chairman, just as India began economic reforms that opened its markets to the world and triggered rapid growth.

One of Mr. Tata’s early actions was to reduce the influence of long-serving company heads, introducing retirement ages, promoting younger leaders, and tightening control across the conglomerate.

He launched Tata Teleservices in 1996 and took Tata Consultancy Services, a key profit generator, public in 2004. To fuel further growth, Mr. Tata focused on international acquisitions.

“It was about growth and changing the mindset to pursue acquisitions, something we hadn’t done before,” he said in a 2013 interview with Stanford’s Graduate School of Business.

The group acquired British tea company Tetley in 2000 for $432 million and Anglo-Dutch steelmaker Corus in 2007 for $13 billion, marking the largest foreign takeover by an Indian company at the time.

In 2008, Tata Motors bought British luxury car brands Jaguar and Land Rover from Ford for $2.3 billion.

Mr. Tata was also instrumental in developing the Indica, the first car designed and built in India, and the Nano, promoted as the world’s cheapest car. He personally contributed sketches for both models. While the Indica was a success, the Nano struggled with safety concerns and poor marketing, leading to its discontinuation a decade after its launch.

A licensed pilot, Mr. Tata was known for flying the company plane on occasion. He led a relatively modest life, never married, and was deeply involved in philanthropic work.

Around two-thirds of Tata Sons, the group's holding company, is owned by charitable trusts.

Mr. Tata’s leadership was not without controversy. In 2016, a public feud erupted after Tata Sons removed Mr. Cyrus Mistry as chairman, accusing him of failing to turn around underperforming businesses. Mr. Mistry, in turn, accused Mr. Tata, who was chairman emeritus, of meddling and creating an alternate power center within the group.

Following his retirement, Mr. Tata became a prominent investor in Indian startups, supporting companies like Paytm, Ola Electric, and Urban Company.

He was honored with the Padma Vibhushan, India’s second-highest civilian award, in 2008 for his distinguished service in trade and industry.

Disclaimer: This image is taken from Reuters