Ratan Tata, the former chairman of the Tata Group, has died at age 86, according to a statement from the company. This is a developing story and will be updated when more information becomes available.

At least, that was the case until recently, when they sought to avoid being classified as a trust for multiple reasons. Noel Tata, half-brother of the late Ratan Tata, has been appointed as the new Chairman of Tata Trusts, the philanthropic umbrella that wields influence over the $165 billion Tata Group.