The beachfront villa in Seychelles once owned by the late industrialist Ratan Tata has been placed on the market, with people familiar with the development saying the family and associates of Aircel founder C Sivasankaran have indicated interest at about $6.2 million (roughly Rs 55 crore).
According to The Times of India, despite the buzz, Sivasankaran responded to queries with the remark, “I don’t know what you are talking about.”
Those aware of the matter added that conversations have occurred but that “no formal agreement has been reached," the report said.
Tata had left the Mahe-island home to RNT Associates, his Singapore-based investment vehicle that backed several Indian startups.
Executors of his will brought in independent valuers who put the villa at around Rs 85 lakh, a figure seen as modest in relation to the offer now being discussed. The substantial gap, observers noted, points to a willingness by the Sivasankaran family or their associates to pay a premium, though they expect the property to be transferred without any unpaid construction-related dues or taxes, it said.
According to people involved, it was Sivasankaran -- now a Seychelles citizen -- who originally enabled Tata’s purchase by assisting him through the island nation’s restrictive property rules.
Local regulations typically allow only citizens to acquire real estate, but because Ratan Tata was considered a globally influential industrialist and philanthropist, the authorities made an exception.
Seychelles had earlier acknowledged Tata Motors’ role in serving its transportation needs, issuing a commemorative stamp in 1982.
For a time after 2004, Indian Hotels, which runs the Taj hospitality brand, managed the property on Denis Island; neither Tata Motors nor Taj currently operates in the East African country.
Sivasankaran has spoken in recent interviews about his long association with Tata, recalling daily visits for seven years to Tata’s “ordinary 3-BHK home” in Mumbai’s Bakhtawar building at precisely 7:15am. He would spend about 45 minutes with him, sometimes while Tata continued his workout “to save time.”
He also recounted an incident during a Singapore-to-Seychelles flight when an engine failed. Panicking, he emailed his son his Gmail password, while Tata remained calm, telling him, “Let the pilots do their job.”
If the deal moves ahead, a Bombay high court order dated June 16, 2025, stipulates that the proceeds must be split evenly between the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust.
How any arrangement may be structured remains uncertain because Sivasankaran faces ongoing bankruptcy proceedings in the Seychelles Supreme Court.
Commenting on his financial state, he said, “I am not poor. Many people in India think I am poor. No, I am broke.” Once estimated to be worth over $4 billion, he had built businesses including Sterling Computers, Dishnet DSL, and the Fresh & Honest coffee-vending chain, and previously owned two islands in Seychelles along with residences in several countries.
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