New Delhi: A foreign property belonging to the late industrialist Ratan Tata is now up for sale. The property is a luxurious seaside villa located on Mahe Island, the largest island in Seychelles. While the villa has been valued at approximately ₹85 lakh, it has reportedly received an offer of ₹55 crore.
According to sources, the offer comes from C. Shivshankaran, the founder of the now-defunct telecom company Aircel, along with his family and associates. The villa was bequeathed by Ratan Tata to his Singapore-based fund, RNT Associates, which invests in Indian startups.
When approached for comment, Shivshankaran reportedly said, “I don’t know what you are talking about,” though sources confirmed that discussions have taken place, but no final agreement has been reached yet. Notably, Shivshankaran, who has acquired Seychellois citizenship, had helped Tata acquire the villa initially, as local law permits property purchases only by citizens. A special exemption was granted to Ratan Tata in recognition of his global stature as an industrialist and philanthropist.
Historic Ties with Seychelles
Tata Motors has maintained a longstanding relationship with Seychelles. In 1982, the country issued a special postage stamp honoring Tata Motors. Additionally, Indian Hotels (Taj) managed a property on Denis Island for a brief period after 2004. Currently, neither Tata Motors nor Taj has active business operations in Seychelles.
Financial Implications and Profit Sharing
If the deal goes through, the proceeds will be equally divided between the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, following a Bombay High Court order dated 16 June 2025, which approved the will. Sources indicate that Shivshankaran’s 41-year-old son, Sarvan Shivshankaran, founder of Marlow Technologies, is also involved in the transaction. The buyers are keen to ensure there are no pending construction or tax liabilities on the property.
Deal Uncertainty
The completion of the sale remains uncertain, particularly as Shivshankaran is facing insolvency proceedings in the Seychelles Supreme Court. Despite past claims of wealth exceeding $4 billion, Shivshankaran has remarked, “I am not poor. Many in India think I am poor. I am bankrupt,” highlighting the legal and financial complexities surrounding the transaction.
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