Ratan Tata’s Will: ₹3,800 Crore Estate Divided – Major Share Goes to Philanthropy, Family & Close Associates Benefit

Ratan Tata’s Will: ₹3,800 Crore Estate Divided: As for philanthropy and charity, he lovingly gifted a huge portion of his net worth, closely estimated to be worth ₹3,800 crore consisting of ordinary and preference shares of Tata Sons and other assets, to Ratan Tata Endowment Foundation- a Section 8 company-and Ratan Tata Endowment Trust.

Tata bequeathed any remaining one-third of his other financial assets, which comprise bank FDs, financial instruments, and also physical assets comprising watches and paintings, all totaling an estimated value of ₹800 crore, to half-sisters Shireen Jejeebhoy and Deanna Jejeebhoy, and another one-third to Mohini M Dutta, a Tata Group ex-employee with whom the deceased industrialist shared an intimate friendship.

His brother, Jimmy Naval Tata-82 and the only living heir-shall get a share in the Juhu bungalow, while close friend Mehli Mistry shall receive the Alibaug property and Tata's fondest possession of three guns, including a .25 bore pistol.

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Will executors have moved the Bombay High Court for the probate of the last will, including the fourth codicil, according to the legal documents reviewed by ET.

Dated February 23, 2022, the will has four codicils, which are legal documents seeking to amend the terms of a will after its signing and witnessing.

The last codicil states that the other stocks and shares in the list of unlisted companies in which Tata had invested, together with assets not specifically mentioned anywhere else, shall be given to Ratan Tata E-Endowment Foundation and Ratan Tata E-Endowment Trust in equal shares.

In essence, probate of a will validates the will of the deceased in court and affirms its authenticity while giving the executor permission to deal with and distribute the estate per the directions as outlined within the will.

Lawyer Darius Kambatta, Mehli Mistry, Shireen and Deanna Jejeebhoy are the executors of Tata M. The distribution of the wealth will only occur after certification by the court; this process could take up to six months.

Tata's will provided for a corpus of ₹12 lakh for his much-loved pets, who shall thereafter be paid ₹30,000 quarterly: a student loan to Shantanu Naidu, Tata's executive assistant, along with interest-free education loan to neighbor Jake Malite, will be waived.

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According to court documents, Ratan Tata's foreign assets worth around ₹40 crores included land parcels in the Seychelles, accounts with Wells Fargo Bank and Morgan Stanley, and shares in Alcoa Corp and Howmet Aerospace, while cash in hand of just over ₹4 lakh and funds lying in local banks and FDs add up to around ₹367 crores.

The asset list includes 65 watches of brands like Bvlgari, Patek Phillipe, Tissot, and Audemars Piguet among others.

Tata bequeathed his land in Seychelles to RNT Associates Singapore and mentioned the need to safeguard shareholder interests of R Venkatraman and Patrick McGoldrick in RNT Associates India and RNT Associates Singapore.

In his will, Tata had bequeathed the Alibaug bungalow to Mehli Mistry, acknowledging Mistry's role, as he said jointly, in making this property possible. He wistfully hoped that the bungalow "would bring back memories of pleasant times" they had spent together.

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