Ratan Tata, who was one of India’s best known businesspeople and led his family conglomerate on a bold international expansion, has died aged 86.

An industrialist from an influential Zoroastrian Parsee clan, Tata wanted his family’s storied corporate group to wield clout beyond the nation it helped to build — but found its execution did not always match his grand vision.

Born in Mumbai (then Bombay) in 1937, Tata’s life spanned a period of enormous change for India — from winning independence from Britain in 1947 to becoming the world’s fifth-largest economy in 2022. 

Tata was “an uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation”, said Natarajan Chandrasekaran, current chair of the group holding company, in a statement.

Attending prestigious prep schools in Mumbai and graduating from New York state’s Cornell University in architecture studies, Tata first worked in Los Angeles, where he said he “fell in love and almost got married”. 

But the relationship disintegrated after he returned to Mumbai to spend time with his ailing grandmother — a stabilising presence in his childhood after his parents’ divorce — and the 1962 war between India and China deterred his would-be partner from joining him.

Tata worked on the steel shop floor of the family business, which was founded by his great-grandfather in 1868, before moving into management. In 1991, he took over as chair from his uncle, JRD Tata. His accession coincided with India’s economic opening to the world, and under his leadership the group ventured abroad.

It began by buying British tea maker Tetley Tea in 2000. By 2007, Tata had completed a takeover of Anglo-Dutch steelmaker Corus, which eventually cost $13bn and left it owning a clutch of UK factories. The timing, just before the global financial crisis, was disastrous. Tata later said the UK plants were “underinvested and overmanned”.

The group announced it wanted to divest in 2016 and this September closed its blast furnaces at the UK’s biggest steelworks in Port Talbot. Under a deal with the UK government, it plans to develop greener forms of steelmaking at the plant.  

In March 2008, Tata bought British carmaker Jaguar Land Rover from Ford for $2.3bn. In just two years, the Indian group founded under British colonial rule had become the UK’s biggest manufacturing employer. Critics who decried the deal as value-destructive were briefly silenced when JLR contributed strongly to Tata Motors profits three years later, but JLR has since had a chequered record. 

Tata’s pet projects included the Tata Nano, an ultra-cheap car marketed at Rs100,000, then worth $2,600, to help bring millions more middle-class Indians to the automotive market. But sales of the Nano were dismal and Tata Motors took years to recover from its costly failure. “I’m very depressed,” Tata said of the Nano’s flop.

More recently, as group chair emeritus, Tata enthusiastically supported the reacquisition of national carrier Air India, which was founded by JRD Tata but nationalised in 1953, in a deal that valued the struggling airline at $2.4bn. In a tweet welcoming Air India back into the family fold, Tata said his uncle “would have been overjoyed”.

Tata had cultivated a reputation for straight-dealing, and despite an enthusiasm for private aircraft and flashy sports cars, presented a modest lifestyle relative to the ostentatious spending of fellow Indian tycoons. He was revered in Mumbai as India Inc’s elder statesman, and praised for his humility.

In 2014, Britain awarded Tata an honorary knighthood for his contribution to relations with India, investment in the UK and philanthropy. But his genteel personal brand was damaged by a bitter dispute with Cyrus Mistry, his successor as group chair.

Mistry was a fellow member of the tight-knit business community of Parsees — descendants of Persian Zoroastrians who migrated to the subcontinent between the eighth and 10th centuries — but was abruptly ousted in a boardroom coup in 2016.

Mistry accused Tata of a catalogue of governance failures including having abused his position as chair of the Tata Trusts, a philanthropic trust that owns the majority stake in Tata Group holding company Tata Sons. Mistry claimed Tata had interfered in the running of Tata Sons, an allegation he denied.

In a drawn-out legal and media battle that sullied the group’s reputation, the family patriarch was ultimately the winner, vindicated by a Supreme Court ruling in 2021. Bad blood remained between the conjoined houses of Tata and Mistry — the latter still owns 18 per cent of Tata Sons — and Ratan Tata did not offer any public condolence when Mistry died in a car accident in 2022, aged 54.

An animal lover who famously ordered that stray dogs be allowed to lounge in the lobby of the Tata headquarters in Mumbai, Tata never married and had no children.

“If I had a family, I could not have spent as much of my time involved with the group. And, things would be very different, in terms of eating, sleeping, living for your job,” he told the FT just before his 2012 retirement as group chair.

While the overseas expansion he led was at times messy, it created what is now one of India’s most outward-looking and modern corporate forces.

Chandrasekaran, the group’s current chair and the first not related to the founder by family or marriage, had to “stop the bleeding” at its debt-laden companies. But Tata is now at the forefront of business in India across a range of sectors from electric vehicles to renewable energy.

Mukesh Ambani, head of the rival conglomerate Reliance Industries, said Tata’s death was “a big loss, not just to the Tata Group, but to every Indian”. “Ratan Tata was a visionary industrialist and a philanthropist, who always strove for society’s greater good,” Ambani said.

“I would hope that people would say that I was able to lead the group with dignity and that I tried to do the right thing,” Tata said in 2012 of his legacy. “You never succeed, having that said, because you always have upset somebody or another, but I think that’s what I would like to be remembered for.”

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HPS Investment Partners is talking to potential buyers including BlackRock as the top leadership of the private credit firm looks towards a deal that could value the business at more than $10bn, according to people familiar with the process.

HPS, which had $117bn in assets under management as of June, is also exploring an initial public offering. It has been seen as one of the few freestanding options for large financial companies looking to add a substantial private credit manager.

BlackRock, the world’s largest money manager with $10.6tn in assets, has been openly seeking deals that would boost its presence in alternative investments including private equity, private credit and infrastructure. 

Chief executive Larry Fink has targeted that area for growth in part because it carries higher fees than the index products that have been BlackRock’s bread and butter. It closed the $12.5bn purchase of Global Infrastructure Partners earlier this month. BlackRock manages $85bn in private credit assets. 

One person familiar with the talks called it a “giant AUM land grab” by BlackRock in alternative assets.

The people said it was not clear whether a deal would result, adding that HPS, which was spun out of JPMorgan, has had conversations with other potential partners. HPS declined to comment. BlackRock said it does not comment on market rumours. News of the talks between HPS and BlackRock was reported earlier by Bloomberg.

The talks coincide with conversations inside HPS about its listing. It has held early meetings with would-be investors and had initially indicated it planned to float in late September. But recently the firm delayed those plans, telling investors it could list after November’s US presidential election.

The move was seen as an indication that HPS might pursue a sale instead, one potential investor said. HPS had previously held talks with CVC about a combination, according to people familiar with the matter.

A person familiar with the deal talks said participants have been hoping conversations with potential IPO investors would provide more clarity on the valuation of the private credit firm.

In recent months HPS has worked to expand its own operations beyond that core business, selling a stake in its business to Guardian Life Insurance. In return, the insurance company handed HPS nearly $30bn in assets to manage.

The company was founded as a division of JPMorgan by three Goldman Sachs alumni. They include current HPS CEO Scott Kapnick, a former head of investment banking at Goldman.

There have been a number of tie-ups between private credit specialists with either traditional asset managers or private equity firms as more companies turn to non-bank sources for their borrowing. PE groups view unlisted credit as a way of generating more stable returns than more cyclical buyout and real estate businesses.

TPG last year agreed to buy Angelo Gordon for $2.7bn. That followed Brookfield’s purchase of a majority stake in Oaktree in 2019 and Franklin Templeton’s and T Rowe Price’s respective acquisitions of Benefit Street Partners and Oak Hill Advisors.

Nestled within picturesque Indian Wells and surrounded by the stunning Santa Rosa Mountains, Tommy Bahama Miramonte Resort & Spa offers a blend of laid-back luxury and island-inspired charm. The resort is a desert stand-out, not just for its lush surroundings and gracious accommodations, but also for its embodiment of the Tommy Bahama lifestyle—a celebration of relaxation, adventure, and the art of leisure. Whether lounging by one of the resort’s two onsite pools, indulging in delicious cuisine and crafted cocktails at the brand’s varied outlets, or exploring the stunning desert landscape, a Tommy Bahama experience delivers some of the best of the greater Coachella Valley.

The Tommy Bahama Miramonte Resort & Spa pool features a Santa Rosa Mountain backdrop

DAY ONE:

Check in at the Tommy Bahama Miramonte Resort & Spa. Immerse yourself in the expansive 11-acre property with a leisurely walking tour of the resort’s garden pathways that are lined with fragrant citrus trees. (You can actually pick what you like and the resort restaurant will juice the fruit for you.) Play a game of bocce or relax amongst the olive tree grove which is especially enchanting at dusk when illuminated by hanging lanterns and outdoor fire pits.

Grab a mid-day bite at poolside Chiki Palm, with its menu of fresh-made dishes including the All-American Burger, Poblano Chicken Quesadilla and Ahi Poke Bowl. Pair your meal with a frozen tiki cocktail (or two) served in a poolside pouch while relaxing at the resort’s saltwater pool. Reserve a cabana for enhanced privacy and comfort.

The Olive Tree Grove at Tommy Bahama Miramonte is enchanting

Explore the Rosa Boutique, featuring a curated selection of luxury goods from local brands and Tommy Bahama merchandise exclusive to the resort. Get your gift shopping done early, and treat yourself with an assortment of dressy linens, swimsuits, coverups and sports equipment like Tommy Bahama-printed pickleball paddles and golf club head covers, along with beautiful jewelry, sunglasses, hats, footwear, towels and more.

Enjoy dinner at the resort’s signature restaurant, Grapefruit Basil, a sophisticatd yet relaxed space spotlighting farm-to-table California-inspired cuisine. Savor dinner selections such as Macadamia Nut Crusted Halibut, Seared Ahi Tuna, Mojo Brick Chicken and Santa Carota Cowboy Ribeye. Make sure to start with a seasonally crafted cocktail. Dine inside or out, where a dramatic fire wall provides a sultry glow.  

End the night with drinks under the stars in the olive grove while enjoying nightly, live acoustic music ranging from pop to Latin to classical.

Grapefruit Basil is the resort’s flagship restaurant

DAY TWO: 

Get your body moving with your choice of wellness activities. Try the resort’s complimentary guided desert hike or choose from a rotating schedule of classes like aerial yoga, meditative sound baths ,and wellness workshops.

Drop into Grapefruit Basil for all day brunch and enjoy elevated versions of classics like Dungeness Crab Cake Benedict, Brioche Bananas Foster French Toast and Lobster and Triple Cream Frittata. Or keep it light with a Baby Gem Caesar or Burrata Bruschetta.

Spend the afternoon exploring the shops on El Paseo, Palm Desert’s main street of fabulous retail shops. Visit the Tommy Bahama Home Store to peruse indoor and outdoor home furnishings and unique home décor, and take advantage of a free design consultation.

Walk across the street and continue your shopping adventure at the recently renovated Tommy Bahama retail store where lifestyle offerings embrace the brand’s ethos of casual sophistication. You’ll find men’s and women’s sportswear, swimwear and activewear, accessories, beach gear, and home goods.

Tommy Bahama Restaurant & Bar features the ‘Best Patio in the Desert’

Discover the “Best Patio in the Desert” at the Tommy Bahama Restaurant & Bar. Enjoy stunning views of the San Jacinto mountains while dining on fresh, tropical-inspired dishes including Scallop Sliders, Ahi Tuna Tacos, Chilean Sean Bass and Kona Coffee-Crusted Ribeye. Choose from a selection of hand-crafted cocktails to perfectly complement your meal like the Classic Mojito, Mai Tai, or the Pineapple Paradiso.  

DAY THREE:

Before or after breakfast, pamper yourself with a morning treatment at the luxurious and award-winning Spa Rosa at the Tommy Bahama Miramonte Resort & Spa. Featuring a menu of desert-inspired treatments and rituals inspired by the local landscape, Spa Rosa’s signature skincare and body treatments include the head-to-toe Island State of Mind with tropical scents of papaya, pineapple and coconut; the 75-minute Marlin Man package with light stretching, steamed-towel deep cleanse and healthy hydration products; and the half-day Daydream to Life, is a wellness journey that includes a luxurious bath soak, exfoliation, facial, custom massage, wellness class and other amenities.

Spa Rosa at Tommy Bahama Miramonte Resort & Spa

Spend the day in Palm Springs, a walkable city that blends kitschy charm with natural beauty. Explore the prime strip of Palm Canyon Drive with its cute boutiques and colorful locals. Take selfies at the famous statue of Marilyn Monroe or visit the Palm Springs Art Museum. Take an incredible ride and view on the Palm Springs Aerial Tramway; head to the unique beauty of Joshua Tree National Park for hiking and rock climbing; or gain a broader look at the outdoor desert region with Red Jeep Tours.

Photo courtesy of Palm Springs Aerial Tramway

For lunch, a snack, or early dinner, visit the Tommy Bahama Marlin Bar on Palm Canyon Drive. With daily Happy Hour from 3-6pm, the outdoor Marlin Bar is a relaxed refuge where you can unwind with a cocktail, light fare, and organic soft-serve ice cream—a perfect way to end the visit before departing this chic desert sanctuary.

Tommy Bahama Marlin Bar

My desert exploration was enhanced by my use of Volvo’s new C40 Recharge, an all-electric compact that combines modern design, sustainability, and advanced technology. The spacious cabin features ergonomic design which was perfect for my drive from Santa Monica, to Indian Wells, to Rancho Palos Verdes. (A large panoramic sunroof adds to the airy feel of the interior.) The C40 is equipped with a large touchscreen infotainment system powered by Google, offering built-in navigation, voice commands, and access to various apps. It also includes a premium sound system for an enhanced audio experience. Volvo is renowned for its safety innovations, and the C40 comes with a suite of advanced safety technologies, including adaptive cruise control, lane-keeping assist, and automated emergency braking. With fast-charging capabilities, I was able to recharge the battery to about 80% in about 35 minutes at a DC fast charger. While the range varies, it’s sufficient for many long-distance trips, and the network of fast chargers is continually expanding, easing range anxiety. The overall design and layout contributed to a serene driving experience. I loved it, and I may well become the owner of this beautiful automobile.

Volvo C40 Recharge. Photo by Fran Miller

Photos courtesy of Tommy Bahama Miramonte Resort & Spa, unless otherwise noted

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Former business secretary Kemi Badenoch and ex-immigration minister Robert Jenrick will go head to head in the final of the Tory leadership contest, after James Cleverly was knocked out in a surprise result on Wednesday.

A moderate Tory, Cleverly had been increasingly viewed as the frontrunner in recent days, having gained momentum during last week’s party conference and secured the most votes on Tuesday.

His departure leaves two rightwing contenders in the run-off, a result that could help the party fend off the threat on its right flank from Reform UK.

The decision will now be put to the party’s estimated 175,000 members in an online ballot, with the result due to be declared on November 2.

The Tory leadership contest comes after Rishi Sunak presided over the party’s worst-ever defeat at the general election in July, when the Conservatives slumped from 365 MPs to just 121 MPs.

Badenoch topped the fourth ballot of MPs on 42 votes, an increase of 12 votes on the previous round, followed by Jenrick on 41 votes, up 10 votes. Cleverly, a former home and foreign secretary, registered 37 votes, two fewer than on Tuesday.

Some Tory MPs said they believed that the surge in votes for Badenoch and Jenrick — and the decline in support for Cleverly — suggest tactical voting strategies that backfired.

They argued some Cleverly backers voted tactically for candidates they preferred to face him in the final, wrongly assuming the former home secretary would still secure enough votes to reach that round.

Cleverly’s campaign denied having been involved in any vote lending.

Other Tories speculated that backers of Badenoch or Jenrick might have voted tactically for Cleverly in the third-round ballot on Tuesday, in the hope of their preferred candidate facing him in the run-off.

All but one MP — party chair Richard Fuller — voted in the final parliamentary ballot on Wednesday.

Cleverly’s exit marked a sharp reversal in fortune after his odds surged following an upbeat, gaffe-free performance at the party’s annual gathering in Birmingham.

He became the fourth candidate to exit the race after former home secretary Dame Priti Patel, then ex-pensions secretary Mel Stride, and ex-security minister Tom Tugendhat were all knocked out.

Labour party chair Ellie Reeves said: “After months of gaffes, wild unfunded policies and infighting, Tory members now have the unenviable task of choosing between two of the architects of Tory failure.”

The campaigns behind Badenoch and Jenrick must now each donate £150,000 to Conservative campaign headquarters for the final phase of the race, following a mandatory payment of £50,000 to the central party from each of the last four contenders.

The steep cash demand has been controversial, sparking a backlash among some campaign insiders.

Each candidate is allowed to spend an additional £400,000 on their campaign.

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Evita, an Italian human resources professional, always expected to have a traditional family. But on hitting 40 and with no suitable partner in sight, she realised that fulfilling her dream of motherhood would mean going it alone.

“I have always loved children; in my mind, I would like to have a family with a husband and a lot of children,” she says. “But there is a moment in your life when you have to decide what you want, and what you will be.” 

In a country with a rapidly-ageing population, one of the world’s lowest fertility rates, and a steady decline in annual births, every woman ready to embrace the challenges of parenthood should be cause for celebration. 

Not in Italy. Enthralled by idealised traditional families, the Italian government only permits heterosexual, married women to undergo in vitro fertilisation, even in private clinics. Single women or those in same-sex partnerships are denied access to IVF, forcing them to go elsewhere — typically Spain or the UK — for treatment.

In her own quest to conceive, Evita — who asked that her full name not be used — has not followed that well-trodden path. She is instead fighting for assisted reproductive technology at home. With support from the Luca Coscioni Association (ALC), which works on human rights in medical care and scientific research, she has filed a court petition arguing that denying IVF to single women violates Italy’s constitution, and the European Human Rights Convention. Another woman — an unmarried 36-year-old, financially stable and longing for a child — has also joined the case.

Last month, a court in Florence (where Evita sought IVF at a private clinic) agreed the women’s claim has merit and that Italy’s IVF restrictions may violate constitutional rights to equality, health, self-determination and the freedom to start a family. 

Now, Italy’s constitutional court is set to consider the issue in proceedings that will be closely watched — including by some Italian women who had a baby through IVF abroad but would like a second child if possible closer to home.  

Evita is optimistic, convinced that Italy’s current law on assisted reproduction — adopted two decades ago during the late former prime minister Silvio Berlusconi’s government — is seriously out of sync with contemporary Italian society, and ripe for an overhaul.

“People are favourable and supportive — it’s difficult to find a person who is against the principle of single mothers,” she said. “Italy needs a shock. The law is not keeping up with the times in which we are living. People are struggling to create a family.”

Plenty of children in Italy are already raised outside traditional family settings. Between 2015 and 2021, 211,878 couples with dependent children divorced. Ever more babies are born out of wedlock. In 2022, the latest year for which data is available, 163,317 babies were born “outside marriage” in Italy — nearly 42 per cent of all births that year. 

Prime Minister Giorgia Meloni is one of many Italians whose personal life has followed an unorthodox path. Raised by a single mother, Meloni was not married to her then partner when their daughter, now eight, was born. Last year, the premier announced that her decade-long relationship with her daughter’s father was in effect over.

Politically, though, Meloni still pays homage to tradition — asserting children’s right to have both a mother and a father — while bemoaning Italy’s deepening demographic crisis, with the working age population expected to shrink by an estimated 19 per cent by 2040.

No lone measure can reverse these alarming demographic trends. But given Italy’s desperation for children, removing obstacles from women aspiring to be mothers, regardless of their marital status, is just common sense.

Filomena Gallo, who leads the ALC legal team, hopes the constitutional court will have the courage to change what Meloni’s ultra-conservative government won’t.

“We talk about family, about encouraging more births,” Gallo said. “A woman can have a fling, get pregnant and decide to keep the baby. But if that same woman wants to seek IVF, she is discriminated against.”

amy.kazmin@ft.com

A MAJOR pub chain is set to shut one of its city centre branches in just days as punters recall the “good times” they had there.

Via Fossa on Canal Street in the heart of Nottingham has been trading since the late 1990s.

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However, the Greene King owned pub has confirmed its doors will shut for the final time this month.

The chain, however, said that staff members will be relocated to other venues owned by Greene King across Nottingham.

Fans of the pub said how they “had a few good times there” ahead of its impending closure.

One fan described the pub as “lovely,” with “lovely people” and a “great location.”

Another said: “Really nice food, staff, and it’s beautiful.”

A spokesperson for the pub chain told Nottinghamshire Live: “We have made the difficult decision to close Via Fossa on the 19th of October.

“We appreciate this is difficult news to our loyal customers and we would like to thank each of them who have enjoyed visiting over the years.

“We are working closely with our team at Via Fossa to find alternative employment in our pubs across Nottingham, where possible.

“The pub will remain open and trading as usual over the coming weeks.

“We have over 70 Greene King pubs in the city and surrounding suburbs including, the Grosvenor, Carrington, which has been recently refurbished as well as Ye Olde Trip to Jerusalem and the Bell Inn, so we look forward to welcoming new guests to these other Greene King pubs.”

Thankfully, this does not seem to be a trend for the pub giant.

However, Canal Street has seen a string of pub departures in recent years.

The nearby Waterfront pub appeared to close suddenly in spring 2023, with no explanation given about the closure.

The Company Inn at Castle Wharf, also on Canal Street, shut its doors permanently in November 2021 after it stood closed for some time.

A spokesperson for Wetherspoons, who owned the pub, said: “We appreciate that staff at the pub as well as our loyal customers will be disappointed with the decision and we appreciate their loyalty over the years.”

The Fellows, Morton and Clayton pub also appeared to be closed as of September 28, with signs saying owners Stonegate Group are looking for a new publican.

This comes just months after the venue reopened under new management with a firm plan of action.

Stonegate were leasing the pub to Stout and Stone Inns, a rapidly growing pub company based in the West Midlands, with the new general manager, Andy O’Connor, saying the reopening was “all about consistency.”

Nottingham has also seen many other closures of major high street shops over the past year.

The local Co-op store in The Meadows is set to close its doors on November 16 after being open for over 50 years.

On September 22, Bonmarché closed its high-street branch in the Arnold area.

The city has also seen the demise of multiple Boots stores as well as the planned closure of its Victoria Centre Market.