Business: Ratan Tata (Ratan Naval Tata), the former Tata Group chairman and iconic industrialist died at south Mumbai’s Breach Candy Hospital at 11.30 pm on Wednesday. He was 86. The Padma Vibhushan recipient has been in intensive care at the hospital since Monday. He will be remembered for his contribution to the industry. He revolutionalised several sector ranging from automobile to software to FMCG (Fast Moving Consumer Goods). The veteran industrialist also known for transforming a staid group into India's largest and most influential conglomerate with a string of eye-catching deals.

Educated at Cornell University, Ithaca, New York, the veteran industrialist worked on the shop floor at the family-run group after returning to India in 1962. He became chairman of Tata Industries in 1991 and took over as the chairman of the Tata Group from his uncle, JRD, who had been in charge for more than half a century.

Under his leadership, the Tata Group embarked on a massive expansion drive, snapping iconic British assets including steelmaker Corus and luxury carmaker Jaguar Land Rover. There is an interesting story about acquiring luxury carmaker Jaguar Land Rover.

As India's economy started booming in the 2000s, Ratan Tata adopted calculated risk-taking strategies to capitalise on India's economic growth. In 2008, he decided to acquire Jaguar and Land Rover, now JLR, from Ford for USD 2.3 billion. The move surprised his rivals in India and globally as well. 

There is a dramatic story about the acquisition of Jaguar and Land Rover. The intriguing saga began during Ratan Tata's US visit in 1999. The iconic industrialist went to the US to sell his failing car business to the well-known carmaker Ford. His meeting with Ford chairman Bill Ford, eventually, became a turning point for Ratan Tata's venture into the automobile sector. A failed meeting produced a successful business idea. During the meeting, Bill Ford humiliated Ratan Tata by saying "You (Ratan Tata) do not know anything, why did you start the passenger car division at all. We are doing you a big favour by buying your car division."

According to the media reports, Bill Ford's piercing words hurt Ratan Tata at the core and then he decided not to sell his car business to Bill Ford and returned to India without a deal. Nine years later, the circle of time completes itself. The Ford, which purchased Jaguar from British Leyland at 2.5 billion dollars, did not go well under the ultra-premium segment. It started making a loss. The fate took a U-turn, nine years later, Ford approached Ratan Tata to sell its car business. As Ratan Tata agreed to acquire a loss-making segment of the car, Bill Ford's words this time changed and he said "You (Ratan Tata) are doing us a big favour by buying JLR, thank you.".