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.

He said that the Tata Group expanded its global footprint under Ratan Tata's stewardship.

"For the Tata Group, Mr. Tata was more than a chairperson. To me, he was a mentor, guide and friend. He inspired by example. With an unwavering commitment to excellence, integrity, and innovation, the Tata Group under his stewardship expanded its global footprint while always remaining true to its moral compass.

"Mr. Tata’s dedication to philanthropy and the development of society has touched the lives of millions. From education to healthcare, his initiatives have left a deep-rooted mark that will benefit generations to come. Reinforcing all of this work was Mr. Tata’s genuine humility in every individual interaction," that Tata chairman said.

He said that Ratan Tata's legacy will continue to inspire the group as it strives to uphold the principles he so passionately championed.