Indian industrialist Ratan Tata, who is credited with transforming the Tata Group into a globally renowned conglomerate, has died at age 86, the company said late Wednesday.

Under Tata, the company grew into a sprawling international enterprise with a portfolio ranging from software to sports cars.

"It is with a profound sense of loss that we bid farewell to Mr Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation," company chairman Natarajan Chandrasekaran said in a statement.

"I extend our condolences to his loved ones. His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed."

Tributes quickly started pouring in from India and beyond.

Indian Prime Minister Narendra Modi called Tata "a visionary business leader, a compassionate soul and an extraordinary human being."

The prime minister praised Tata for providing "stable leadership to one of India's oldest and most prestigious business houses".

He said in a post on X he was "extremely pained" by Tata's passing and offered his condolences to Tata's friends and family.

Born in 1937 in Bombay, now Mumbai, Tata originally planned to be an architect and was working in the United States when his grandmother -- who raised him -- asked him to return home and join the sprawling family business.

He started out in 1962 at TISCO, now known as Tata, staying in a hostel for apprentices and working on the shop floor near blast furnaces.

He took over the family empire in 1991, riding the wave of the radical free-market reforms India had just unleashed that year.

Tata's 21 years at its helm saw the salt-to-steel conglomerate expand its global footprint to include British luxury brands such as Jaguar and Land Rover.

The Tata Group said his philanthropy work "touched the lives of millions."

"From education to healthcare, his initiatives have left a deep-rooted mark that will benefit generations to come," the company added.

In his statement, Modi said that Tata's legacy stretches far beyond the business world.

"His contribution went far beyond the boardroom. He endeared himself to several people thanks to his humility, kindness and an unwavering commitment to making our society better," the prime minister wrote, alongside a photo of the two men sitting next to each other and smiling.

Business leaders also paid their respects.

"India's economy stands on the cusp of a historic leap forward. And Ratan's life and work have had much to do with our being in this position", Anand Mahindra, chairman of Mahindra Group wrote on X.

Harsh Goenka, chairman of RPG Enterprises, said "the clock has stopped ticking" with Tata's death.

"#RatanTata was a beacon of integrity, ethical leadership and philanthropy, who has imprinted an indelible mark on the world of business and beyond. He will forever soar high in our memories," Goenka wrote.

Indian-born Google CEO Sundar Pichai praised Tata for leaving "an extraordinary business and philanthropic legacy," adding that the business mogul "deeply cared about making India better".

And Bollywood superstar Salman Khan said he was "deeply saddened" by Tata's passing.