Ratan Tata commanded infinite P/e; the value he brought to business was immeasurable, says Madhusudan Kela

Ratan Tata’s choice of successor was another testament to his leadership, Kela said.

In market parlance, Ratan Tata has an infinite P/E and the value he brought to the group was immeasurable, said Madhusudan Kela paying tribute to Ratan Tata.

The Tata Group has created more wealth for shareholders than any other company in India, not just because of its business success, but also because of its unique ownership structure. Majority of the Tata-listed companies are owned by public shareholders, so maximum wealth is shared widely. Besides, the majority of the promoter holdings are held by Tata’s philanthropic trusts, Kela pointed out.

Also read: Ratan Tata, industrialist and philanthropist who gave wings to conglomerate's global expansion dreams

India has no shortage of successful industrialists, but few have matched the legacy of the Tata Group, known not just for its business acumen, but also for its humane approach and vision. As one of India's oldest and most respected conglomerates, the Tata Group has inspired societies and businesses alike.

While the seeds of the Tata empire were planted by Jamsetji Tata, the bulk of wealth creation occurred during the leadership of Ratan Tata. "His tenure marked a transformative period for the group, as he not only expanded its global footprint but also elevated India's standing on the world stage. Ratan Tata, in many ways, became an ambassador for India, earning international respect for the group’s values. His good karma has had a rub-off for the entire nation," Kela said.

Read more: PM Modi, Anand Mahindra, Amit Shah, Gautam Adani lead tributes as nation mourns the passing of Ratan Tata

As for corporate decisions, he was driven by his conviction, said Kela. While some may not have paid off immediately—an inevitability in business—he consistently followed what he believed was right, and his efforts eventually paid-off handsomely, said Kela.

Ratan Tata’s choice of successor was another testament to his leadership, Kela said. "The group is now in capable hands, and in recent years, it has become a darling of the stock markets."

Further, Kela said India is not an easy country to navigate for businesses, but Rata Tata did this ably across different governments and time periods. "The unique thing about the Tata Group is how they have consistently created value for shareholders while maintaining a strong commitment to ethical practices."