NEW DELHI -- Ratan Tata, a former chairman of India’s oldest conglomerate Tata Sons, died at a Mumbai hospital on Wednesday night. He was 86. Tata Sons chairman N Chandrasekaran confirmed Tata’s death and described him as his “friend, mentor, and guide” in a statement.

Ratan Tata, Chairman Emeritus of Tata Sons, breathed his last on Wednesday (October 9) at Mumbai's Breach Candy Hospital. He was 86 years old. As one of the most respected figures in Indian business, Ratan Tata, the veteran industrialist and Chairman Emeritus of Tata Sons, had admirers from all walks of life.

Ratan Tata, chairman emeritus of one of India's biggest conglomerates, Tata Sons, is in critical condition in intensive care at a Mumbai hospital, two sources with direct knowledge of the matter told Reuters on Wednesday.