Winning Bizness Desk
Mumbai. Ratan Tata, the legendary industrialist, passed away on October 9, 2024, at Breach Candy Hospital, Mumbai. As per reports from The Economic Times, his will, dated February 23, 2022, details the distribution of his assets, worth approximately ₹3,800 crore. A significant portion of his wealth has been allocated to the Ratan Tata Endowment Foundation (RTEF) and Ratan Tata Endowment Trust (RTET), both dedicated to humanitarian and charitable activities. The remainder is distributed among his family, close friends, and key associates.
The will includes Tata Sons' ordinary and preference shares, financial assets, and physical properties. It emphasizes Tata’s lifelong commitment to philanthropy and ensures that his humanitarian initiatives continue. His stepbrother, Jimmy Naval Tata, will inherit half of the Juhu property, which Ratan Tata had received as a legacy from his father, Naval H. Tata. This property is valued at around ₹16 crore. The remaining portion will be divided between Simone Tata and Noel Tata. Additionally, Jimmy Tata will inherit silverware and select jewelry pieces.
Mehlli Mistry has been bequeathed a property in Alibaug
Among Tata’s close associates, Mehlli Mistry has been bequeathed a property in Alibaug and a collection of three firearms, including a .25-bore pistol. His two stepsisters, Shireen Jejeebhoy and Deanna Jejeebhoy, along with former Tata Group employee Mohini M. Dutta, will receive ₹800 crore in financial assets. This includes bank deposits, financial instruments, art collections, and luxury watches. Mohini Dutta was known to be a close confidante of Ratan Tata.
The will also specifies that unlisted stocks and any undisclosed assets will be equally divided between RTEF and RTET. Additionally, Ratan Tata ensured the well-being of his pets, allocating ₹12 lakh for their care. Each pet will receive ₹30,000 per quarter. His executive assistant, Shantanu Naidu, will have his student loan waived, while his neighbor Jake Malite will benefit from an interest-free education loan.
Tata’s estate includes over ₹4 lakh in cash, ₹367 crore in local bank deposits
The probate documents reveal that Tata’s estate includes over ₹4 lakh in cash, ₹367 crore in local bank deposits and fixed deposits, and foreign assets, such as a ₹40 crore property in Seychelles, bank accounts at Wells Fargo and Morgan Stanley, and shares in Alcoa Corp and Howmet Aerospace.
Ratan Tata’s list of valuable possessions includes 65 luxury watches from brands like Bulgari, Patek Philippe, Tissot, and Audemars Piguet. His Seychelles land holdings will be transferred to RNT Associates Singapore. Additionally, RNT Associates' India and Singapore shareholders, R. Venkataraman and Patrick McGoldrick, have been assured of their rights.
Filed a petition in the Bombay High Court
To execute his will, Tata’s legal representatives—advocate Darius Khambata, Mehlli Mistry, and his sisters Shireen and Deanna Jejeebhoy—have filed a petition in the Bombay High Court. The probate process is expected to take approximately six months, during which the court will validate the will and grant the executors the legal authority to distribute the assets accordingly.
Born on December 28, 1937, Ratan Tata was the great-grandson of Jamsetji Tata, the founder of Tata Group. He served as the group’s Chairman from 1990 to 2012 and was Interim Chairman from October 2016 to February 2017. Under his leadership, the Tata Group expanded significantly, acquiring Air India, and luxury car brands Jaguar and Land Rover from Ford, marking historic milestones in India’s corporate history.
Whole matter in a nutshell
1. ₹3,800 crore estate: The majority of Tata’s assets go to charitable foundations RTEF and RTET.
2. Family and close associates: His sisters, stepbrother, and key associates receive the remaining portion.
3. Jimmy Tata’s inheritance: His stepbrother gets half of the Juhu property, silverware, and jewelry.
4. ₹800 crore for sisters and ex-employee: Shireen Jejeebhoy, Deanna Jejeebhoy, and Mohini M. Dutta share this amount.
5. Alibaug estate for Mehlli Mistry: He also receives a firearms collection, including a .25-bore pistol.
6. Pets' welfare ensured: ₹12 lakh set aside; each pet to receive ₹30,000 per quarter.
7. Foreign assets included: Seychelles property, overseas bank accounts, and shares in U.S. firms.
8. Luxury watch collection: 65 high-end watches from premium brands like Bulgari and Tissot.
9. Legal process: Probate petition filed; process to take six months for asset distribution.
10. Corporate legacy: Led Tata Group’s expansion, acquiring Air India, Jaguar, and Land Rover.
