Late industrialist Ratan Tata’s estate, estimated to be worth around Rs 3,800 crore, will primarily benefit the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust – both dedicated to philanthropic and charitable efforts, according to a report in The Economic Times.
Tata’s will dated February 23, 2022, outlines the distribution of his assets, with a focus on sustaining the charitable endeavours he championed. The bulk of his estate, consisting of Tata Sons’ ordinary and preference shares, along with other financial assets, will go to these two organisations, the report said. A significant portion of his wealth has been set aside for his family, friends, and close associates.
A third of the late industrialist’s other financial assets, including bank fixed deposits, financial instruments and physical possessions such as art and timepieces, estimated at Rs 800 crore, will be divided between his half-sisters, Shireen Jejeebhoy and Deanna Jejeebhoy, and Mohini M. Dutta, a former Tata Group employee who was close to Tata.
Tata’s brother, Jimmy Naval Tata, will inherit a share of the family’s Juhu bungalow, while close friend Mehli Mistry is set to receive the Alibaug property and his treasured collection of three firearms, which includes a .25-bore pistol.
It also includes a fourth codicil, which says that unlisted stocks and shares, as well as any assets not specifically detailed elsewhere, will be equally distributed between the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, according to court papers, the report said.
As part of the probate process, the executors of Tata’s will – lawyer Darius Kambatta, Mehli Mistry, and his sisters Shireen and Deanna Jejeebhoy – have filed a petition in the Bombay High Court. The probate procedure, which confirms the authenticity of a will and grants the executors the authority to distribute the estate, is expected to take around six months.
Tata’s will also ensures that his pets are cared for after his death. A sum of Rs 12 lakh has been earmarked for their care, with each pet receiving Rs 30,000 per quarter.
Tata’s executive assistant, Shantanu Naidu, will have his student loan waived, while neighbour Jake Malite will also benefit from an interest-free education loan.
Court papers show that in addition to a cash balance of over Rs 4 lakh and around Rs 367 crore held in local bank accounts and fixed deposits, Ratan Tata’s foreign assets include Rs 40 crore worth of property in Seychelles, along with bank accounts at Wells Fargo and Morgan Stanley, and shares in Alcoa Corp and Howmet Aerospace.
The asset list also includes 65 luxury watches from brands such as Bvlgari, Patek Philippe, Tissot and Audemars Piguet.
Tata’s land holdings in Seychelles are to be transferred to RNT Associates Singapore, with instructions to protect the interests of shareholders R Venkatraman and Patrick McGoldrick in RNT Associates India and Singapore.
In addition, Jimmy Tata will receive silverware and some jewellery, while also inheriting half of the Juhu property, which Ratan Tata inherited from his father, Naval H Tata. The remainder of the property will be shared by Simone Tata and Noel Tata.
Ratan Tata died on October 9, 2024.
