Indian business titan Ratan Tata has died at the age of 86

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Indian industrialist Ratan Tata, credited with transforming the Tata Group into a world-renowned conglomerate, has died aged 86, the company said late on Wednesday.

Under Tata, the company grew into a sprawling international company with a portfolio ranging from software to sports cars.

“It is with a deep sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly unusual leader whose immeasurable contributions shaped not only the Tata Group but also the fabric of our nation,” said company chairman N. Chandrasekaran a statement.

“I extend our condolences to his loved ones. His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed.”

Indian Prime Minister Narendra Modi called Tata “a visionary business leader, a compassionate soul and an extraordinary human being.”

The Prime Minister praised Tata for “stable leadership of one of India's oldest and most reputed business houses”.

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Tata was born in 1937 in Bombay, now Mumbai. He originally wanted to be an architect and was working in the United States when his grandmother – who raised him – asked him to return home and join the sprawling family business.

He started at TISCO, now known as Tata, in 1962, where he lived in a dormitory for apprentices and worked in the workshop near blast furnaces.

He took over the family empire in 1991, riding the wave of radical free-market reforms that India had just introduced that year.

During Tata's 21 years at the helm, the salt-to-steel group expanded its global footprint to include British luxury brands such as Jaguar and Land Rover.

The Tata Group said his philanthropic work had “touched the lives of millions of people”.

“From education to healthcare, its initiatives have left a deep-rooted impact that will benefit future generations,” the company added.

In his statement, Modi said Tata's legacy extends far beyond the business world.

“His contribution went far beyond the boardroom. Thanks to his humility, kindness and unwavering commitment to the betterment of our society, he endeared himself to several people,” the Prime Minister wrote alongside a photo of the two men sitting next to each other, smiling.