Ratan Tata, the leader of India's biggest company, the Tata Group, retired on Friday.
Tata, who turned 75 on Friday, is a well respected and admired industrialist, known for his "strict adherence to ethics" as The Wall Street Journal noted.
Taking his place will be Cyrus Mistry, who will lead Tata Sons Ltd., the global conglomerate currently worth $100 billion, according to Bloomberg.
"I want to convey to you how privileged I have been to have had the opportunity of leading this great group over the last two decades, through good times and bad," Tata wrote in a farewell message to his employees, according to The Journal.
Tata was the driving force behind India's cheapest car, the Nano, priced at $2,500, to be more affordable to the average Indian consumer.
According to The New York Daily News, the Tata Group has in its stable nearly 100 companies which manufacture everything from salt to soap to steel and cars. Nearly 60 percent of its $100 billion comes from overseas, and the group conducts operations in 80 countries, employing 450,000 people.
The New York Times described Tata as "the most unlikely of corporate titans — almost preternaturally humble, unabashedly open about the company’s mistakes and about the fact that he never really wanted to be an industrialist."
The Journal noted that Tata will remain as a group adviser.
Watch Al Jazeera's report on Tata's legacy: