The Indian tycoon Ratan Tata, who is credited with transforming the Tata Group into a globally renowned conglomerate, has died at age 86, the company has said.

“It is with a profound sense of loss that we bid farewell to Mr Ratan Naval Tata, a truly uncommon leader,” Tata Group said in a statement on X. The firm is one of the largest companies in India, with annual revenues of over $100bn (£76.5bn).

Natarajan Chandrasekaran, the chair of Tata Sons and Tata Group, added: “His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed.”