On October 9, 2024, former chairperson of Tata Group, Ratan Tata, passed away at the age of 86. He was known for his philanthropic efforts and contributions to the Indian business community.
Following Ratan Tata's death earlier this month, there were growing concerns about his Rs 10,000 crore estate.
In his will, the industrialist divided his wealth among his half-sisters, Shireen and Deanna Jejeebhoy, his brother Jimmy Tata, his loyal butler, and his assistant Shantanu Naidu. He also set aside a portion of his wealth for his pet dog, Tito.
Ratan Tata's will outlines the distribution of his assets, including a beach bungalow, a Mumbai house, and over ₹350 crore in fixed deposits.
His pet dog Tito, house staff, family members, and executive assistant are among the beneficiaries. His car collection and awards will either be acquired by the Tata Group or auctioned, with the awards donated to the Tata Central Archives to preserve his legacy.
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Overview of Ratan Tata's Will Distribution and Key Provisions
Ratan Tata, the renowned industrialist and philanthropist, passed away on October 9, 2024, leaving behind a significant estate valued at approximately ₹10,000 crore. His will has garnered attention for its unique provisions and the distribution of his assets.
Key Provisions of Ratan Tata's Will
Care for Tito: Tata made arrangements for the "unlimited care" of his German Shepherd, Tito, who will be looked after by his long-time cook, Rajan Shaw. This reflects Tata's well-known affection for animals.
Beneficiaries:
- Family Members: His will includes shares for his brother, Jimmy Tata, and half-sisters Shireen and Deanna Jejeebhoy.
- Long-time Staff: Provisions have been made for his butler Subbiah, with whom he shared a close relationship for over three decades. Subbiah is known to have received gifts of designer clothing during their travels together.
- Executive Assistant: Shantanu Naidu, Tata's executive assistant, will benefit from the will as well. Tata relinquished his stake in Naidu's companionship venture, Goodfellows, and waived any educational loans that Naidu had taken out.
Asset Distribution:
- Real Estate: His properties include a beach bungalow in Alibaug and a two-storey house on Juhu Tara Road in Mumbai.
- Financial Assets: He held fixed deposits exceeding ₹350 crore and a 0.83% stake in Tata Sons, which is set to be transferred to the Ratan Tata Endowment Foundation (RTEF) to support charitable initiatives.
- Legacy Preservation: Awards and recognitions received by Tata will be donated to the Tata Central Archives to ensure his legacy is preserved for future generations.
Succession Planning Context
Ratan Tata did not name a successor before his death, which raises questions about future leadership within the Tata Group.
The board of trustees is now responsible for appointing a new head of the Tata Trusts. The existing leadership structure includes N Chandrasekaran, who has been chairman of Tata Sons since 2017.
The use of trusts has been a hallmark of the Tata family's succession planning strategy, aimed at ensuring continuity and stability within their vast business empire. This approach allows for more controlled management of assets compared to traditional wills.
The specific percentage of shares each beneficiary will receive from Ratan Tata's will has not been disclosed publicly.
However, it is known that the majority of his estate, including his 0.83% stake in Tata Sons and interests in other Tata Group companies, will be transferred to the Ratan Tata Endowment Foundation (RTEF) for charitable purposes.
Other beneficiaries, such as his brother Jimmy Tata and half-sisters Shireen and Deanna Jejeebhoy, as well as household staff like his butler Subbiah and executive assistant Shantanu Naidu, will also receive allocations, but exact percentages remain private.
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