(Image source from: Instagram.com/ratantata)
Ratan Tata and philanthropy are intrinsically linked, much like the relationship of salt to the sea—inseparable, natural, and immeasurable. The entrepreneur who established a vast business empire grounded in compassion has made certain that his spirit of generosity endures even after his departure. According to The Economic Times, Tata’s will has disclosed the manner in which he allocated his fortune, with a significant portion devoted to charitable endeavors. The prominent industrialist, who passed away on October 9, 2024, bequeathed the majority of his assets, including shares in Tata Sons, to various charitable initiatives. However, he also made provisions for his family, close associates, employees, and even his cherished pets. Notably, Tata's will contains a no-contest clause, stipulating that anyone who contests it would "forfeit all rights or benefits" under the will. It further states, "He or she shall have no claim whatsoever to any element of my estate."
Out of his estimated wealth of Rs 3,800 crore, Ratan Tata designated a substantial amount to the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, both of which will utilize these funds for charitable purposes. In addition to his holdings in Tata Sons, Tata had investments in various stocks, financial vehicles, and properties. The will, which he signed on February 23, 2022, comprises four codicils—documents that permit alterations to a will. The last codicil specifies that any shares, investments, or assets not previously allocated will be transferred to these charitable trusts. While philanthropy was at the forefront of his intentions, Tata also left one-third of his other assets, valued at Rs 800 crore, which include bank fixed deposits, stocks, and treasures, to his half-sisters Shireen Jejeebhoy and Deanna Jejeebhoy.
Another portion equivalent to one-third of his assets was granted to Mohini M Dutta, a former employee of the Tata Group who shared a close bond with Ratan Tata. His will also included his 82-year-old brother, Jimmy Naval Tata, who will inherit a portion of Tata's property in Juhu, along with several silver items and some jewelry. Additionally, close friend Mehli Mistry received Tata's property in Alibaug and three firearms, including a .25 bore pistol, as Mistry was deemed “instrumental in making this property possible,” with a hope that it would evoke memories of their shared joyful moments. The execution of the will has been entrusted to lawyer Darius Kambatta, alongside Mehli Mistry, Shireen Jejeebhoy, and Deanna Jejeebhoy.
They have initiated a probate petition in the Bombay High Court to validate the will, allowing for the lawful distribution of Tata's estate according to his wishes. This legal procedure can span as much as six months before any distribution of assets takes place. Tata's affection for animals was well-known, which is reflected in his will—he allocated Rs 12 lakh specifically for the care of his pets, ensuring that each one receives Rs 30,000 quarterly for their upkeep. Furthermore, Tata decided to forgive any outstanding loans he had previously extended.
Shantanu Naidu, who serves as an executive assistant, had taken out a student loan that is now set to be forgiven. His neighbor, Jake Malite, had benefited from an interest-free education loan that is similarly going to be annulled. Court documents reveal that Tata’s overseas assets hold a valuation of approximately Rs 40 crore. This portfolio consists of land holdings in Seychelles, as well as bank accounts at Wells Fargo and Morgan Stanley, and shares in Alcoa Corp and Howmet Aerospace. Additionally, his will contains a notable collection of luxury timepieces. This assortment comprises 65 pieces from esteemed brands like Bvlgari, Patek Philippe, Tissot, and Audemars Piguet. The land owned by Tata in Seychelles has been bequeathed to RNT Associates Singapore, a firm linked to his business endeavors. Furthermore, his will mandates that the interests of R Venkatraman and Patrick McGoldrick in both RNT Associates India and RNT Associates Singapore must be safeguarded.
