Ratan Tata, the chairman emeritus of Tata Sons and an iconic industrialist who helped build one of India’s largest and most influential conglomerates, passed away at a Mumbai hospital on Thursday. He was 86.

He was admitted to the Breach Candy Hospital in south Mumbai for age-related ailments a few days ago, PTI reported earlier.

In a media statement, Tata Sons chairman N Chandrasekaran bid farewell to Ratan Tata and said that his contributions shaped the very fabric of India.

"It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation," Chandrasekaran said.