Inside Ratan Tata’s Rs38 billion will: The 'no-contest' clause and who inherits what

Dubai: The late Indian industrialist and philanthropist Ratan Tata’s estate, valued at approximately Rs 38 billion ($444.31 million), has been primarily dedicated to philanthropy.

According to The Economic Times, his will allocates a significant portion of his wealth to the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, ensuring sustained support for charitable initiatives.

Charity at the core of Tata’s legacy

Ratan Tata's will, executed on February 23, 2022, as reported by The Economic Times, includes a no-contest clause, stating that any beneficiary who challenges its terms will forfeit their inheritance.

The will, along with four codicils—legal amendments—directs that all residual assets, including stocks, financial instruments, and real estate, be transferred to his charitable trusts.

Apart from his Tata Sons shares, Tata’s wealth also comprises investments in various financial instruments and properties, all of which will ultimately support his philanthropic legacy.

Family, friends, and close associates remembered

While philanthropy took priority, Tata ensured that his family, long-time associates, and close friends were not left out:

• His half-sisters, Shireen Jejeebhoy and Deanna Jejeebhoy, will receive a portion of his financial assets—valued at Rs 800 crore—including bank fixed deposits (FDs), stocks, and valuables.

• Mohini M. Dutta, a former Tata Group employee close to Tata, has also been included in the distribution of these assets.

• His brother, Jimmy Naval Tata, will inherit a share of Tata’s Juhu bungalow, along with silver articles and jewelry.

• Close friend Mehli Mistry has been granted Tata’s Alibaug property and three firearms, including a .25-bore pistol.

Probate process underway

The will’s executors—lawyer Darius Kambatta, Mehli Mistry, Shireen Jejeebhoy, and Deanna Jejeebhoy—have filed a probate petition in the Bombay High Court. Probate, which validates a will and grants executors the authority to distribute assets, is expected to take up to six months.

Thoughtful legacy: Pets, loans, and luxury watches

Tata’s deep love for animals is reflected in his will. Rs 1.2 million has been earmarked for his pets, with each receiving Rs 30,000 per quarter for their care.

Additionally, he waived loans given to:

• Shantanu Naidu, his executive assistant, who had taken a student loan.

• Jake Malite, his neighbour, who had received an interest-free education loan.

Global assets and personal collection

According to court filings, Tata’s foreign assets include:

• Rs 4 billion worth of property in Seychelles.

• Bank accounts with Wells Fargo and Morgan Stanley.

• Shares in Alcoa Corp and Howmet Aerospace.

His personal luxury watch collection comprises 65 timepieces, featuring brands like Bvlgari, Patek Philippe, Tissot, and Audemars Piguet. Furthermore, Tata’s land in Seychelles will be transferred to RNT Associates Singapore, with specific instructions to protect the interests of R Venkatraman and Patrick McGoldrick in RNT Associates India and Singapore.

Legacy of generosity and purpose

Ratan Tata’s will reflects his lifelong commitment to philanthropy, family, and those close to him. His estate, largely directed towards charitable causes, ensures that his impact will continue well beyond his lifetime.