Late business magnate Ratan Tata was not only the head of an international business conglomerate but also a philanthropist and human being. The Tata Group diversified across continents under his leadership, making him a corporate legend. He died on October 9 last year from illness. Since then, there has been mounting interest in the disposal of his ₹10,000 crore wealth.
Early reports were that his riches would be split between his charity foundations, brother Jimmy Tata, close friends, and others. But recent information shows that most of his fortune has gone to charity. Let's see where his wealth has been split under his will.
₹3,800 Crore to Charity
According to reports, Ratan Tata has allocated around ₹3,800 crore for the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, which he established. This includes his Tata Sons shares and other properties. According to his will, if these shares have to be sold, they should be sold only to current shareholders of Tata Sons.
Major Shares to Family & Close Associates
Aside from charity, much of Ratan Tata's wealth has been bequeathed to his family and close friends:
- ₹800 crore to his half-sisters, Shireen Jajibhoy and Diana Jajibhoy, including fixed deposits, shares, costly watches, and paintings.
- ₹800 crore to Mohin M Dutta, a retired Tata Group employee and close friend of Ratan Tata.
- His Juhu bungalow, silverware, and gold jewelry have been bequeathed to his brother, Jimmy Naval Tata.
- His Alibaug bungalow and three pistols have been left to his close friend, Mehil Mistry.
Taking Care of Street Animals
Ratan Tata had a sympathetic heart for street animals. He even opened hospitals for street dogs. In his will, he provided ₹12 lakh for their well-being, with ₹30,000 to be incurred each quarter.
A Special Gift to a Young Friend
Shantanu Naidu, Tata's caretaker and general manager during his last years, was among his closest friends. As a gesture of gratitude, Tata waived off Shantanu's student loan.
Also, he had advanced ₹23 lakh as a loan to Jake Malite, a neighbor, which he has also waived off in his will.
Foreign Assets & Luxuries
Ratan Tata's will also speaks about his ₹40 crore overseas assets, including:
- Land in Seychelles
- Bank deposits in institutions such as Morgan Stanley & Wells Fargo
- Stocks in firms such as Alcoa Corporation & Hommett Aerospace
- 65 high-end wristwatches of well-known brands
Legal Process & Will Examination
Ratan Tata's will was drafted on February 23, 2022. A petition has been made in the Bombay High Court for verification of assets and distribution. Reports state that the whole process can take another six months to finish.
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