The award was presented to the 85-year-old chairman emeritus of Tata Sons by Chief Minister Eknath Shinde and Deputy CMs Devendra Fadnavis and Ajit Pawar at the industrialist's home in Colaba.

MUMBAI: Veteran industrialist Ratan Tata was on Saturday conferred the first ever 'Udyog Ratna' award instituted by the Maharashtra government.

The award was presented to the 85-year-old chairman emeritus of Tata Sons by Chief Minister Eknath Shinde and Deputy CMs Devendra Fadnavis and Ajit Pawar at the industrialist's home in Colaba, south Mumbai.

The honour comprised a shawl, a citation and a memento from the Maharashtra Industrial Development Corporation (MIDC).

#WATCH | Industrialist Ratan Tata conferred with the Udyog Ratna award at his residence by Maharashtra CM Eknath Shinde and Dy CMs Ajit Pawar and Devendra Fadnavis pic.twitter.com/1s6GvxyZYh

— ANI (@ANI) August 19, 2023

Talking to reporters afterwards, Shinde said honouring Tata as 'Udyog Ratna' has enhanced the prestige of the award.

"The contribution of the Tata group in all sectors is immense. Tata means trust," he said.

The steel-to-salt group operates in more than 100 countries across six continents. In 2021-22, the collective revenue of Tata companies stood at $128 billion.