Indian tycoon Ratan Tata has died at the age of 86, says the Tata Group, the conglomerate he led for more than twenty years.

Tata was one of India’s most internationally recognized business leaders.

The Tata Group is one of India’s largest companies, with an annual turnover of more than $100 billion (£76.5 billion).

In a statement announcing Tata’s death, the current chairman of Tata Sons described him as a “truly unusual leader”.

Natarajan Chandrasekaran added: “On behalf of the entire Tata family, I extend our deepest condolences to his loved ones.

“His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed.”

During his tenure as chairman of the Tata Group, the conglomerate made several high-profile acquisitions, including the acquisition of British-Dutch steelmaker Corus, British car brands Jaguar and Land Rover, and Tetley, the world’s second-largest tea company.

A profile published in the Economist magazine in 2011 called Tata a “titan”, crediting him with transforming the family group into “a global powerhouse”.

“He owns less than 1% of the group that bears his family name. But he is a titan nonetheless: the most powerful businessman in India and one of the most influential in the world,” the magazine said.

In 2012, he retired as chairman of the group and was appointed chairman emeritus of Tata Sons, the group’s holding company.

Tata was born in 1937 into a traditional Parsi family. He studied architecture and construction engineering at Cornell University in the US.

In 1962, he joined Tata Industries – the group’s promoter company – as an assistant and underwent six months’ training at a company factory in Jamshedpur.

From here he went on to work at the Tata Iron and Steel Company (now Tata Steel), Tata Consultancy Services (TCS) and National Radio and Electronics (Nelco).

In 1991, JRD Tata, who had led the group for over half a century, appointed Ratan Tata as his successor. “He (JRD Tata) was my biggest mentor… he was like a father and a brother to me – and not enough has been said about that,” Tata later told an interviewer.

In 2008, the Indian government awarded him the Padma Vibhushan, the country’s second highest civilian honor.