Mumbai, Oct 10 (IANS): The last rites of illustrious industrialist Ratan Tata, who passed away at a hospital in Mumbai on Wednesday night at the age of 86 age-related health conditions, will be performed with full state honours, Maharashtra Chief Minister Eknath Shinde said on Thursday.

In a post on X, Chief Minister Shinde said Ratan Tata was a unique blend of ethics and entrepreneurship.

"He was a living legend who successfully took over the reins of the Tata Group, which has a tradition of excellence and integrity of nearly 150 years... I pay my heartfelt tribute to him," Chief Minister Shinde said.

"Ratanji Tata was the pride of India, he will always remain a role model for the next generation of entrepreneurs," he added.

Chief Minister Shinde further said that the determination shown by Ratan Tata after the 2008 Mumbai attack as well as his firm decisions, courageous attitude and social commitment will always be remembered.

Known for his genteel demeanour masking a tough and sharp business acumen, Ratan Tata served as the all-powerful Chairman of Tata Sons, the holding company of the Tata Group, from 1991 till his retirement on December 28, 2012.

It was during his stewardship that the group's revenues grew manifold, totalling over $100 billion (in 2011-12).

Born in Mumbai on December 28, 1937, Ratan Tata joined the Tata Group as a young executive in 1962, after acquiring his Bachelor of Architecture degree from Cornell University.