Ratan Tata, the former chairman of India's sprawling Tata Group conglomerate, died Wednesday at age 86, the Tata Group said in a statement.

"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," N Chandrasekaran, Chairman of Tata Sons, wrote in a statement.

On Monday, Tata had said on social media he was undergoing routine medical examinations due to his age and unspecified medical conditions at a Mumbai hospital.

Indian Prime Minister Narendra Modi described Tata as a visionary leader and an extraordinary human being. "He provided stable leadership to one of India's oldest and most prestigious business houses. At the same time, his contribution went far beyond boardrooms," Modi said on X.

During his over 20 years of leadership, Ratan Tata was credited with expanding and diversifying the Tata group into one of the world's largest conglomerates, and a major global enterprise. A big part of this was looking to global markets by making big acquisitions just as India began to open its economy to the world.

00:00 Indians mourn as Ratan Tata dead at 86
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05:49 Tata Group expert Peter Casey on Ratan Tata's legacy

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