The recent will of the late industrialist Ratan Tata has taken those close to him by surprise, as it bequeaths over Rs 500 crore to a relatively unknown 74-year-old entrepreneur from Jamshedpur, Mohini Mohan Dutta. The situation escalated when Dutta claimed to be Tata’s adopted son, even though the will and its codicil state that Ratan Tata never married or adopted any children.

According to the will, Dutta will inherit one-third of Tata’s residual estate, which includes bank deposits exceeding Rs 350 crore and proceeds from the auction of personal items such as paintings and watches. The remaining two-thirds will go to Tata’s half-sisters, Shireen and Deanna Jejeebhoy, who also serve as executors of his estate following his passing in October 2024. Additionally, trustees of Tata Trusts, Darius Khambata and Mehli Mistry, will fulfill the role of executors as well.

Ratan Tata’s primary holdings, which include shares in Tata and various other companies, have been allocated to two foundations: the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust. Notably, family members such as his half-brother Noel Tata and his children are not mentioned in the will, and his brother Jimmy Tata received a mere Rs 50 crore compared to Dutta’s more substantial inheritance.

The distribution of Ratan Tata’s assets will commence only after the will is verified and certified by the High Court, a process that may take about six months.

Mohini Mohan Dutta’s journey with Ratan Tata began 60 years ago in Jamshedpur, where their long-standing relationship led to several professional endorsements from Tata throughout his career. Dutta reminisced about their first meeting at the Dealers’ Hostel when Tata was 24, stating, “He helped me out and really built me up.” Dutta was later invited to celebrate Tata’s birthday at the National Centre for Performing Arts (NCPA) in Mumbai in December 2024.

Dutta started his career with Taj and later established the Stallion Travel Agency, which Tata Industries supported. This agency subsequently merged with Taj’s travel division and was acquired by Tata Capital, ultimately being sold to Thomas Cook (India). Currently, Dutta serves as a director at TC Travel Services. He has also received shares from Tata Group companies, including those related to the upcoming IPO of Tata Capital.

Interestingly, one of Dutta’s two daughters worked at Tata Trusts for nine years and had previously been employed at Taj Hotels.

In his later years, Ratan Tata founded the Ratan Tata Endowment Foundation and Ratan Tata Endowment Trust to secure a substantial portion of his assets. He reportedly held a direct 0.83% stake in Tata Sons, the holding company of the Tata Group, with an estimated net worth of around Rs 8,000 crore. However, his actual wealth may be significantly higher due to his ownership of luxury assets, including a collection of high-end cars like Ferrari and Maserati, valuable art pieces, shares in startups, and other investments.

RNT Associates, Ratan Tata’s personal investment vehicle, reportedly held investments worth Rs 186 crore as of FY23. It’s important to note that these investments are recorded at their initial acquisition cost, and their current market value could have appreciated considerably.