Mumbai/IBNS: Legendary industrialist Ratan Tata, who was the chairman emeritus of Tata Sons, died on Wednesday, the Tata Group said in a statement. He was 86.

The former chairman of Tata Group and a national icon for his august bearing and examplary business ethics was undergoing treatment at a Mumbai hospital after his admission there during the day. Following his admission his condition worsened and turned critical.

"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," said N Chandrasekaran, Chairman, Tata Sons, in a late-night statement.

"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,"  Chandrasekaran said.

In an X post, Prime Minister Narendra Modi mourned his death saying "Shri Ratan Tata Ji was a visionary business leader, a compassionate soul and an extraordinary human being." He provided stable leadership to one of India’s oldest and most prestigious business houses, the PM wrote.

In a social media post earlier in the day, Tata, who was the chairman of the group for 20 years, assured that he remained in good spirits and emphasised that there was no cause for alarm.

In 2008, he received the Padma Vibhushan, the second highest civilian honour in India, after receiving the Padma Bhushan, the third highest civilian honour in 2000.

Ratan Tata took over as chairman of the autos-to-steel conglomerate in 1991, leading the company, established by his great-grandfather over a century ago, until 2012.

He also founded Tata Teleservices in 1996 and oversaw the public listing of Tata Consultancy Services in 2004.

After his retirement, he was honored with the title of chairman emeritus for Tata Sons, Tata Industries, Tata Motors, Tata Steel, and Tata Chemicals, according to the company's website.