NEW DELHI

Indian business tycoon Ratan Tata, the former chairman of Tata Group, has died aged 86, according to a statement from the conglomerate.

“It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation,” said a statement issued late Wednesday by Tata Sons Chairman N Chandrasekaran.

“With an unwavering commitment to excellence, integrity and innovation, the Tata Group under his stewardship expanded its global footprint while always remaining true to its moral compass,” it said.

Tata was admitted this week to a hospital in Mumbai city in western India, where he died Wednesday night.

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

“He provided stable leadership to one of India’s oldest and most prestigious business houses,” he wrote on X.

In 2011, the Economist magazine said under Ratan Tata, the “business group that bears his name has transformed itself from an Indian giant into a global powerhouse.”

In December 2012, Tata retired as chairman of Tata Sons and then served as interim chairman beginning October 2016, and in 2017, he returned to retirement. He then remained as chairman emeritus of Tata Sons and chairman of Tata Trusts.