Bill Gates, with a net worth of $86.0 billion, has maintained his position to be the World’s Richest man, according to the Forbes annual list.At no.2 position is Warren Buffet, with a net worth of $75.6 billion, followed by many big names including Mark Zuckerberg,Jeff Bezos and many others.
But you’ll be surpised to know that there is a multinational company which is making more money than all those mentioned above.
You’ll be more shocked to know that the chairperson or owner of that company is an Indian. That person is none other than the Tata Group of India.
The company was founded by Jamshedji Tata in 1868. The company gained it’s international recognition after it’s association with various brands worldwide. Today, in India 4 out of 5 top-ranked companies belong to the Tata Group. Along with that, they are running 96 companies and with that, there are 30 publically listed Tata enterprises including Tata Steel, Tata Consultancy Services, Tata Steel, Tata Chemicals, Titan, Tata Communications, Taj Group and several more. The combined market capitalization is about $130 billion.
The question that arises in everyone’s mind is, inspite of having a net worth more than any of the above chairman, why Ratan Tata is never named among the top richest man?
Well, it is because 65% of the family’s and the company’s fortune is given away as charity. Yes! you read that right. Thus, any profit made by the company never gets added in Ratan Tata’s personal financial statement and goes straight to charitable organisations. Ratan Tata’s net worth as an individual does not cross the 1 billion mark.
Ratan Tata took up the position of Chairman of Tata Group in 1991.The company’s revenue is increased by 40% and it’s profit is increased by 50%, under Ratan Tata’s administration.
Ratan Tata and his family is involved in philanthropic work since the establishment of this company. Ratan Tata have contributed a lot to the betterment of healthcare facilities, fighting for equal rights, improving the education system, sports and preservation of arts in India.
Their charity work is not just limited to India but they have contributed alot for international causes also.
Tata group donated Rs.2.20 billion ($50 million) to the Harvard Business School. You’ll be shocked to know that it is the largest amount received by the institute from an internataional donor.
Tata Group was awarded with the Carnegie Medal of Philanthrophy in 2007.
Ratan Tata launched an in-home water-purification device, called Tata swach. This product was sold for less than 1000 rupees (US$21).
“What I would like to do is to leave behind a sustainable entity of a set of companies that operate in an exemplary manner in terms of ethics, values and continue what our ancestors left behind”– Ratan Tata
Apart from all the charity work, the company actually takes care of its employess. They introduced modern pension system, maternity leaves, medical facilities and much more benefits for their employees in their offices all over India.
After the Taj hotel was attacked, Ratan Tata made sure to take care of its employees and did not leave their employees helpless during the time of hotel was dysfunctional. In fact, he made sure that the staff get their paychecks throughout this time. Ratan Tata also compensated the employees at the railways, police stations, market vendors and even pedestrians.
Recently, Rata Tata announced that the company will help eradicate malaria from India. An amount of $70 million will be invested in constructing The Tata Institute of Genetics and Society in Bengaluru that will modify the DNA of Indian mosquitoes to make the country free of this deadly disease. Ratan Tata will be the trustee of that institute.
Following are some of their amazing institutes of Tata group, working for social welfare:
- The Energy and Resources Institute, a non-governmental research institute
- The JRD Tata Ecotechnology Centre
- National Centre for Performing Arts
- Tata Center for Technology & Design at Massachusetts Institute of Technology
- Tata Centre for Technology & Design at IIT Bombay
- Tata Cricket Academy
- Tata Football Academy
- Tata Institute of Social Sciences
- Tata Management Training Centre
- Tata Medical Center, inaugurated on 16 May 2011 by Ratan Tata
- Tata Memorial Hospital
- Tata Trusts, a group of philanthropic organizations
- Tata Cancer Hospital
All the charity work done by him is the reason that why he was not in the list of richest men in the world. But it is also the reason why everyone respects him and love him. Ratan Tata truly deserves all the respect.
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