With the country’s economy on the cusp of historic change, the figure who did the most to lead Indian business onto the global stage is gone.

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.

Ratan Tata, the former Tata Group chairman, has died at the age of 86, according to a statement from the Indian conglomerate.

"He provided stable leadership to one of India's oldest and most prestigious business houses. At the same time, his contribution went far beyond boardrooms," said Prime Minister Narendra Modi.

Oct 9 (Reuters) - Ratan Tata, the former Tata Group chairman who put a staid and sprawling Indian conglomerate on the global stage with a string of high-profile acquisitions, has died, the Tata Group said in a statement late on Wednesday. He was 86.

Ratan Tata, the chairman emeritus of Tata Sons, one of India's largest conglomerates, has passed away at the age of 86

Thousands of people paid their last respects on Thursday to Ratan Tata — one of India's most influential business leaders — in the country's financial capital ahead of a state funeral later in the day.

Indian Prime Minister Narendra Modi praised Tata as "a visionary business leader", saying he's "extremely pained" by the death. Tata ran the conglomerate for over20 years as chairman.