Ratan Tata, Indian magnate who built global conglomerate Tata Group, is dead at 86

Ratan Tata, a former chairman of Indian conglomerate Tata Sons, died at a Mumbai hospital on Wednesday night. He was 86.

Tata Sons chairman Natarajan Chandrasekaran confirmed Tata's death and described him in a statement as his "friend, mentor, and guide." He did not provide a cause of death.

Tata was admitted this week to the Breach Candy Hospital in south Mumbai, the city where he lived. Soon after he was hospitalized, Tata issued a statement on Monday saying there was no cause for concern regarding his health and he was undergoing checkups for age-related medical conditions.