Ratan Tata’s Will Revealed: Charity Takes Centre Stage As Late Industrialist Fuels Philanthropy Legacy

The late industrialist Ratan Tata's estate, valued at approximately Rs 3,800 crore, is set to primarily benefit the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, both committed to philanthropy and charitable causes, according to a report by The Economic Times.

Tata's will, dated 23 February 2022, details how his assets will be distributed, with a strong emphasis on supporting the charitable initiatives he held dear.

Photo Credit: PTI File Photo

The majority of his estate-including ordinary and preference shares in Tata Sons, as well as other financial holdings-will be allocated to these two organisations, the report noted.

A notable portion of his wealth has also been reserved for his family, friends, and close associates.

Roughly a third of his additional financial assets, such as bank fixed deposits, financial instruments, and personal items like artwork and watches, valued at around Rs 800 crore, will be split among his half-sisters, Shireen Jejeebhoy and Deanna Jejeebhoy, and Mohini M. Dutta, a former Tata Group employee who was close to him.

His brother, Jimmy Naval Tata, will inherit a portion of the family's Juhu bungalow, while his dear friend Mehli Mistry is to receive the Alibaug property and Tata's cherished collection of three firearms, including a .25-bore pistol.

A fourth codicil in the will stipulates that unlisted stocks, shares, and any assets not explicitly mentioned elsewhere will be evenly divided between the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, per court documents cited in the report.

As part of the probate process, the executors of Tata's will-lawyer Darius Kambatta, Mehli Mistry, and sisters Shireen and Deanna Jejeebhoy-have submitted a petition to the Bombay High Court. This process, which verifies the will's authenticity and authorises the executors to distribute the estate, is expected to take about six months.

Tata's will also ensures the welfare of his pets after his passing. A sum of Rs 12 lakh has been set aside for their upkeep, with each pet allocated Rs 30,000 per quarter.

His executive assistant, Shantanu Naidu, will have his student loan forgiven, while neighbour Jake Malite will benefit from an interest-free education loan.

Court documents reveal that, alongside a cash balance exceeding Rs 4 lakh and roughly Rs 367 crore in local bank accounts and fixed deposits, Tata's overseas assets include property in the Seychelles worth Rs 40 crore, bank accounts with Wells Fargo and Morgan Stanley, and shares in Alcoa Corp and Howmet Aerospace.

The estate also features 65 luxury watches from brands like Bvlgari, Patek Philippe, Tissot, and Audemars Piguet.

Tata's land holdings in the Seychelles are to be transferred to RNT Associates Singapore, with directives to safeguard the interests of shareholders R Venkatraman and Patrick McGoldrick in RNT Associates India and Singapore.

Additionally, Jimmy Tata will inherit silverware and some jewellery, along with half of the Juhu property, originally inherited by Ratan Tata from his father, Naval H Tata. The remaining share of the property will go to Simone Tata and Noel Tata.

Ratan Tata passed away on 9 October 2024.