The last will of the late industrialist Ratan Tata has surprised those close to him after it gave away more than Rs 500 crore to a little-known 74-year-old entrepreneur from Jamshedpur called Mohini Mohan Dutta.

The controversy began after Dutta positioned himself as the late industrialist’s adopted son, though, according to the will and its codicil, Ratan Tata never married or adopted any children.

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According to what is known about Tata’s will, 74-year-old Dutta will receive one-third of his residual estate, comprising bank deposits exceeding Rs 350 crore and proceeds from auctioning personal belongings such as paintings and watches. Ratan Tata’s half-sisters Shireen Jejeebhoy and Deanna Jejeebhoy are to receive the remaining two-thirds of the residual estate. His half-sisters also serve as executors of his will after he passed away in October 2024. Besides his half-sisters, trustees of Tata Trusts, namely Darius Khambata and Mehli Mistry, are also executors of his will.

Ratan Tata’s primary assets, including shares in Tata and non-Tata firms, have been bequeathed to his two foundations, namely the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust.

Significantly, neither family members like Ratan Tata’s half-brother Noel Tata nor his children have been mentioned in the will, and even Ratan Tata’s brother Jimmy Tata has received only a share of his property worth Rs 50 crore, while Dutta is expected to be paid a higher amount.

The distribution of Ratan Tata’s wealth can be done only after the will is submitted for verification and certified by the High Court, which is a process that could take around six months.

Mohini Mohan Dutta’s initial encounter with Ratan Tata occurred in Jamshedpur 60 years ago and this close association led to Ratan Tata backing his career as well as other business interests.

“We first met in Jamshedpur at the Dealers’ Hostel when Ratan Tata was 24. He helped me out and really built me up,” Dutta has been quoted telling mediapersons at Ratan Tata’s October 2024 funeral, noting their 60-year association. Dutta was also invited to Ratan Tata’s birth anniversary celebrations organised at Mumbai’s National Centre for Performing Arts (NCPA), in December 2024.

Dutta began his career with Taj. Later, Tata Industries invested in Dutta’s entrepreneurial venture called Stallion Travel Agency. This agency was later merged with Taj’s travel division. Tata Capital subsequently acquired and sold the business to Thomas Cook (India). The company presently operates as TC Travel Services, and Dutta continues to be its director. Duta has also received shares of Tata Group companies, including the IPO-bound Tata Capital.

Incidentally, one of Dutta’s two daughters worked at Tata Trusts for nine years until 2024 and she worked at Taj Hotels before that.

As mentioned above, Ratan Tata had also set up two entities, namely Ratan Tata Endowment Foundation and Ratan Tata Endowment Trust, in his last years to park a significant portion of his assets. He owned a direct 0.83% in Tata Sons, which is the holding company of the Tata Group, and had a net worth of about Rs 8,000 crore, according to various estimates.

However, his actual wealth could be far more significant than stated numbers, since besides Tata Sons shares, he also owned a fleet of luxury cars, including a Ferrari and Maserati, expensive paintings, shares in startups as well as other investments.

Also, RNT Associates, which is Ratan Tata’s personal investment vehicle, held investments worth Rs 186 crore until FY23, but these investments are listed at their original cost of acquisition and their present market value could have risen multi-fold.