The late Ratan Tata appointed lawyer Darius Khambata and his close friend and associate Mehli Mistry as executors of his will, alongside his half-sisters, Shireen and Deanna Jejeebhoy, according to a report by The Economic Times citing sources familiar with the situation.
Details of Tata’s will are kept private.
One of the most humble and loved industrialists, Ratan Tata, died on October 9 at Mumbai’s Breach Candy Hospital. He was 86 years old.
Ratan Tata held a 0.83 per cent stake in Tata Sons and had a net worth of Rs 7,900 crore, as per the Hurun India Rich List 2024. He was committed to ensuring that a significant portion of his wealth was directed towards charitable causes and societal welfare.
Nearly three-quarters of his wealth is linked to his shareholding in Tata Sons. Additionally, Tata invested in almost two dozen companies, including Ola, Paytm, Tracxn, FirstCry, BlueStone, CarDekho, CashKaro, Urban Company, and Upstox, although he has exited some of these investments. Alongside his residence in Colaba, Mumbai, he also owned a holiday home in Alibaug, located on the Arabian Sea.
Mehli Mistry was a close confidant of Ratan Tata and served as a trustee on the boards of the two main Tata charities, the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which collectively hold about 52 per cent of Tata Sons, the holding company of the Tata Group. Together, the Tata Trusts own a 66 per cent stake in Tata Sons, with the market value of their holdings in the group’s listed entities estimated at around Rs 16.71 lakh crore.
Mistry and Khambata were unavailable for comment, nor were the Jejeebhoy sisters, who are the daughters of Ratan Tata’s mother, Soonoo, from her second marriage to Sir Jamsetjee Jejeebhoy. The sisters have long been involved in philanthropy, with Deanna serving as a trustee of the Ratan Tata Trust during the 1990s and early 2000s. An ex-Tata executive noted that Ratan Tata was particularly close to his younger sisters.
Advocate Khambata is believed to have assisted Ratan Tata in drafting his will and returned to the boards of the two primary trusts last year after stepping down in 2016 due to professional commitments.
As executors, Mistry and Khambata are responsible for fulfilling the deceased's last wishes in accordance with the law.
A first cousin of the late Cyrus Mistry, Mehli Mistry consistently supported Ratan Tata during the controversy surrounding Cyrus's ouster as Tata Sons chairman and played a significant role in caring for Tata during his recent health challenges.
In October 2022, Mistry was appointed to the boards of two of the largest Tata Trusts. He also serves on the boards of over a dozen companies within the M Pallonji Group, which operates in sectors such as paints, dredging, logistics, shipping, finance, auto dealerships, and life insurance. Additionally, he holds positions on the boards of Breach Candy Hospital, the Advanced Veterinary Care Foundation, and the Tata Indian Institute of Social Skills.