I first got to know Ratan Tata in 1982, but it wasn't until I moved to Bombay in 1989 that we began working closely together. By then, Ratan had stepped up as Chairman, succeeding J.R.D. Tata, and I was soon drawn into the inner workings of Tata Sons. Over time, we developed a close working relationship, one that deepened when he appointed me as the Financial Director, and later, Director of Tata Sons. I owe Ratan an enormous debt for the trust he placed in me—he gave me a very long rope, one that allowed me the freedom to focus on the areas I felt mattered most to the group.

Ratan wasn’t one for micromanagement. He saw potential in people and gave them the space to work, and I was no exception. There were times he even told me that I might be too focused on operational matters rather than strictly financial oversight. In many ways, I was a gatekeeper, cautious and conservative by nature, while Ratan was entrepreneurial, always pushing the boundaries. Our roles complemented each other well; my job was to keep the ship steady, and he appreciated that.

One of my most vivid memories of working with Ratan was in the early 1990s when Tata Steel was on the brink of a crisis. The economy was in a tough spot—oversupply, dropping import duties, and a vastly over-manned workforce left us in dire straits. We had outdated technology, and with the decontrol of the steel industry, customers began asking for credit instead of paying in advance, which created a cash crunch. When the situation became critical, I took the numbers straight to Ratan. I remember that moment so clearly—he immediately picked up the phone, called Jamshed Irani, and organized a full-day meeting with the top management team. Ratan led the meeting from start to finish, going late into the night. He set up task forces, assigned roles, and within days, we had a strategy in place. He didn’t just dictate from the boardroom; he went to Jamshedpur, spoke directly with workers, met with bankers, and rallied the entire team. By the end of that year, despite the enormous challenges, we didn’t just avoid losses—we turned a profit. That was classic Ratan: bold, direct, and unafraid to dive into the heart of the problem.

Ratan’s vision was never limited to just keeping Tata Steel afloat; he saw the bigger picture. In the years that followed, he spearheaded acquisitions that were transformative not just for Tata Steel, but for the Tata Group as a whole. The acquisition of Corus is one that stands out vividly in my mind. It was a risky decision, no doubt, and one that raised eyebrows. But Ratan understood that for Tata Steel to compete globally, we had to grow beyond India’s borders. Land acquisition in India was fraught with challenges, and despite our best efforts, domestic expansion had proven difficult. I still remember sitting in the boardroom in London when the decision was made. Ratan went around the table, asking each of us if we had reservations about the acquisition. He knew the risks, and he wanted to ensure we were all aligned. No one objected, and that year, Tata Steel made the highest profit British Steel had ever seen. It was a bold move, but that was the essence of Ratan’s leadership—he was always willing to make the tough calls.

Of course, we all know the challenges that followed. The 2008 financial crisis hit hard, and the impact was felt globally, particularly in the steel industry. Could anyone have foreseen the crisis and its aftermath? Perhaps not. But Ratan’s approach wasn’t about playing it safe. He saw opportunities where others saw risks, and he was willing to take calculated gambles. Some have criticized him for acquisitions like Jaguar Land Rover and Corus, but they fail to recognize the strategic thinking behind those decisions. Ratan wasn’t simply looking at short-term profits; he was positioning Tata on the global stage, building a legacy that would endure. He took the risks, and it was up to us as his team to manage them.

One of the greatest lessons I learned from Ratan is that there’s no such thing as a 'perfect CEO.' He always emphasized the importance of building a strong team. A great CEO isn’t a lone genius but someone who knows how to surround themselves with the right people. I’ve seen many successions over the years, and I’ve come to believe that the best leaders are those who empower others, who create a culture where talent can thrive. Ratan did just that—he wasn’t interested in being the hero. He was interested in building a team that could carry forward the Tata legacy.

On a personal level, Ratan was a wonderful friend. I have so many fond memories of our Sunday mornings at the United Services ground in Colaba. He’d drive over, and we’d spend hours just talking. When I retired, he thanked me for my courtesy over the years, and I told him that working with him and Jamshed for so long, one couldn’t help but be courteous. Ratan had a warmth about him, a sense of humour, and an innate kindness that made him more than just a boss—he was a mentor, a guide, and a friend.

In his later years, I believe he faced challenges that required him to step outside his comfort zone, to make decisions that may not have been in line with his natural inclinations. The responsibilities of leadership weighed heavily on him, but he shouldered them with grace. Ratan Tata’s legacy is one of courage, vision, and a steadfast commitment to the values of the Tata Group. I’m grateful for the years I spent working alongside him, and for the lessons he imparted. Ratan was a visionary, a leader who wasn’t afraid to take bold steps, and for that, I have the utmost respect and admiration.

ishaat hussain

Greatest lesson I learnt from Ratan is there’s no ‘perfect CEO’: Ishaat Hussain