Ratan Naval Tata, a towering figure in Indian industry and chairman emeritus of the Tata Group, died late on Wednesday evening at the age of 86. In the days before his death, he had been treated at Breach Candy Hospital in Mumbai for a prolonged illness.

His death raises an important question: Who will take over the reins of the massive Rs 30-crore Tata Group? Ratan Tata's absence leaves a void and the question of succession is more important than ever as he had no children of his own.

Currently, the leadership of Tata Group is in the hands of N Chandrasekaran, who has been the chairman of Tata Sons since 2017. Previously, Chandrasekaran was CEO of Tata Consultancy Services (TCS), where he was instrumental in its global expansion and growth. His calm, efficient leadership style has earned him praise and he has led the group through major challenges in recent years. Many see him as the stable force at the top of the group.

However, discussions over Tata Group's future leadership are ongoing and several key figures are being considered as potential successors.

Noel Tata – The leading contender

Among those running for the leadership is Noel Tata, Ratan Tata's half-brother. Noel, Naval Tata's son from his second marriage, has been involved in various parts of the Tata Group over the years. He is seen as a strong candidate to take on a larger leadership role after Ratan Tata's death.

Noel currently holds key positions within the group and is known for his involvement in Trent, Tata's retail division, which he turned into a successful business. While he has always kept a low profile compared to his half-brother, Noel Tata's experience and familiarity with the company make him a credible option for future leadership.

Next Generation: Leah, Maya and Neville Tata

Also in the spotlight are Noel Tata's children, who represent the next generation of leadership within the Tata family.

Leah Tata, the eldest, has a master's degree in marketing from IE Business School in Madrid and joined Tata Group in 2006. She is currently the Vice President at The Indian Hotels Company Limited (IHCL), the hotel arm of the group that has been steadily making a name for itself in the industry.

Maya Tata, the middle child, started her career at Tata Capital where she worked as an analyst. She is slowly rising through the ranks and is expected to play a larger role in the future.

Neville Tata, the youngest of the three, began his career at Trent, the retail company his father helped build. Due to his close ties to the group's retail sector, Neville's future at the company is also being closely watched by industry observers.

Ratan Tata's legacy

Ratan Tata took over the reins of Tata Sons from JRD Tata in 1991 and during his time as chairman, the group expanded its reach worldwide. Tata Consultancy Services (TCS) went public under his leadership, and Tata Motors took the bold step of acquiring luxury car brands Jaguar and Land Rover. He also played an important role in bringing Tata Group's ethical business standards to the fore.

Although he officially stepped down as chairman in 2012, he continued to serve as chairman emeritus of Tata Sons, providing leadership and oversight as needed. His work through the Tata Trusts, which is involved in numerous philanthropic initiatives, particularly in healthcare and education, earned him great respect.

TCS is unlikely to hold a press conference

The impact of Ratan Tata's death was immediately felt within the Tata Group. Tata Consultancy Services (TCS) was scheduled to announce its fiscal second quarter results after the market close today. A press conference was planned for later in the evening, but given the dire situation, it is unlikely to take place.

The board was also scheduled to discuss a second interim dividend for the 2024-25 financial year, but updates on any delays at that meeting were not released by the company.