UK minister pays homage to ‘titan’ of business world Ratan Tata

LONDON: UK Business and Trade Secretary Jonathan Reynolds paid homage to Ratan Tata as a “titan” of the business world who played a huge role in shaping British industry.

Soon after the news of the Tata Group chief’s passing away hit the headlines on Wednesday night, the minister took to social media to offer his tributes to the man credited with much of the Mumbai-headquartered company’s reputation as one of the largest employers in the UK.

It was during his tenure as chairman of the Tata Group that the multinational made several high-profile acquisitions in the UK—taking over Anglo-Dutch steelmaker Corus, luxury car brands Jaguar and Land Rover (JLR) and Tetley, the well-known global tea brand.

“Sad to hear about the passing of Ratan Tata. He was truly a titan of the business world and someone who played a huge role in shaping British industry,” said Reynolds.

“My thoughts and prayers are with his friends, family and everyone in the Tata Group,” he said.

The Tata Group’s footprint in the UK includes its ownership of the country’s largest steelworks at Port Talbot in south Wales, currently undergoing a mega green transformation towards electric arc furnace.

The steel giant is one of Europe’s leading steel producers, with steelmaking in the Netherlands and the UK, and manufacturing plants across Europe. The company’s tube products are used across a broad range of industries, including construction, machinery fabrication, energy and automotive.

In July last year, the Tata Group is to invest over GBP 4 billion in setting up a new electric vehicle (EV) battery plant, or gigafactory, in Britain which will create thousands of jobs across the supply chain. With Tata Motors owned JLR as the anchor customer of the new gigafactory with an initial output of 40GWh, the venture is one of the largest in Europe.

While he had retired a few years ago, Ratan Tata is credited with setting the company on its growth trajectory in the UK and Europe.

Beginning with Tata Tea’s acquisition of Tetley in 2000, Tata companies made several significant overseas acquisitions including Corus by Tata Steel, Jaguar and Land Rover by Tata Motors and Brunner Mond by Tata Chemicals.

In 2004, Ratan Tata, then Chairman of Tata Sons, summed up the Tata group’s efforts to internationalise its operations thus: “I hope that a hundred years from now we will spread our wings far beyond India, that we become a global group, operating in many countries, an Indian business conglomerate that is at home in the world, carrying the same sense of trust that we do today.”