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 chair Natarajan Chandrasekaran said in a statement.