Ratan Tata’s will: Meet Mohini Mohan Dutta, who may inherit Rs 500 crore

Ratan Tata’s will has put the spotlight on a mystery person who, reports say, is set to receive one-third of the industrialist’s residual assets. This could be more than Rs 500 crore, according to some projections.

Mohini Mohan Dutta, a former Tata group employee, is one of the beneficiaries of the business tycoon’s will. His name surfaced after the will of Tata, who passed away at the age of 86 in October, was opened recently, surprising the inner circle of the former Tata Group chairman.

But who is Mohini Mohan Dutta? Let’s take a look.

Meet Mohini Mohan Dutta

Mohini Mohan Dutta, 74, was reportedly a close associate of the late industrialist, Ratan Tata .

Hailing from Jamshedpur in Jharkhand, Dutta is an entrepreneur in the travel sector. As per Economic Times (ET), he told the media at Tata’s funeral last October that he first met the industrialist in Jamshedpur at the Dealers’ Hostel when Tata was aged 24.

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“He helped me out and really built me up," Dutta was quoted as saying.

This encounter led to the two developing a strong bond. Dutta began his career with Taj Group and later launched his entrepreneurial venture, Stallion Travel Agency. Tata Industries subsequently invested in his travel agency, reported Times of India (TOI).

In 2013, Stallion was merged with Taj Services, part of the Taj Group of Hotels.

According to ET, Dutta and his family owned an 80 per cent stake in Stallion, while the remaining 20 per cent was held by Tata Industries.

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Later, the business was acquired by Tata Capital which sold it to Thomas Cook (India). It is currently operating as TC Travel Services and Dutta is serving as its director, reported TOI.

Dutta also holds shares in Tata Group companies, including the IPO-bound Tata Capital. One of his daughters worked at Tata Trusts for nine years until 2024, before which she was with Taj Hotels, as per ET.

Tata Group sources told the financial newspaper that Dutta says he is “close” to Tata family members. In December 2024, he was among those invited to Ratan Tata’s birth anniversary celebrations at Mumbai’s National Centre for the Performing Arts (NCPA).

What will Mohini Mohan Dutta get?

Ratan Tata bequeathed a third of his residual estate to Mohini Dutta, ET reported citing the late industrialist’s will. Dutta’s link to Tata was not known to many but only the business tycoon’s close circles including family members.

As per TOI, Dutta shall receive Tata’s bank deposits of over Rs 350 crore and proceeds from auctioning expensive paintings, watches and other personal items.

The newspaper reported citing sources that Dutta has expressed willingness to accept a one-third share of Tata’s residual estate, expecting his bequest to be worth about Rs 650 crore.

His claim has come under the scanner as some Tata stakeholders question how an individual outside the Tata family is making such an exorbitant demand. As per TOI’s sources, Dutta’s share is unlikely to be as high as Rs 650 crore, although a formal valuation of Tata’s estate is still pending.

Ratan Tata’s will

As per the Hurun India Rich List 2024 released in August, Ratan Tata held a 0.83 per cent stake in Tata Sons and had a net worth of Rs 7,900 crore.

Ratan Tata’s half-sisters Shireen Jejeebhoy and Deanna Jejeebhoy, who are also executors of his will, are poised to get the remaining two-thirds of his residual estate. They have reportedly expressed the desire to give their share to charity.

A significant part of Tata’s wealth has been set aside for charitable purposes. Before his death, Ratan Tata had established two entities – Ratan Tata Endowment Foundation and Ratan Tata Endowment Trust – to bequeath a sizeable portion of his assets.

Ratan Tata’s younger brother, Jimmy Tata, will also get a share of his property worth Rs 50 crore. The industrialist had also included provisions in his will to ensure his German Shepherd, Tito , receives lifetime care.

Shantanu Naidu , Ratan Tata’s executive assistant, also found a mention in the will, with the late mogul relinquishing his stake in Naidu’s companionship company, Goodfellows. Tata also waived a personal loan Naidu had taken for overseas education.

The late industrialist’s wealth, which is likely to be much higher than the stated figures, can be distributed only after his will is probated in the Bombay High Court, which could take six months.

With inputs from agencies