Late business tycoon Ratan Tata's beautiful beachfront villa in Seychelles is now up for sale. Located on the serene and picturesque coastline of Mahe Island, the villa is exquisitely luxurious. While the law in Seychelles doesn’t allow any outsider to purchase property in the country, Tata was exempted from this rule. Interestingly, the prospective buyer of this pristine villa in sight is the same man who had originally helped Tata buy it.
How did Ratan Tata, a non-Seychelles citizen, buy the villa?
Notably, Aircel founder Chinnakannan Sivasankaran, who is a citizen of Seychelles had helped Tata purchase the villa. Since Tata was not a Seychelles citizen, he was granted special exemptions as he was a global industrialist and philanthropist whose influence transcended borders. Sivasankaran facilitated the purchase and later also invested in Tata's telecom company. They shared a close relationship and their bond went far beyond real estate.
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For seven straight years, Sivasankaran visited Tata's 3-BHK flat in Mumbai's Bakhtawar building every morning at 7:15 sharp and spend some time together. He would often catch the legend mid-workout. One famous anecdote recounts how, on a flight from Singapore to Seychelles, when an engine failed, Sivasankaran frantically emailed his son his Gmail password. Tata’s response? A calm, “Let the pilots do their job.”
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Who is the buyer?
According to a TOI report, Sivasankaran and his family have now expressed interest in purchasing Tata's villa. If the villa is sold, the amount will go to the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, charitable organisations established to receive the majority of the late industrialist Ratan Tata's estate. The Sivasankaran family is prepared to pay $6.2 million, a staggering Rs 55 crore for the beach villa. However, the businessman has not yet confirmed this development.
Tata bequeathed the Seychelles villa to his investment firm, RNT Associates, in his will. Registered in Singapore, it has funded several emerging Indian startups. The villa has been appraised by professional third-party experts and is estimated to be worth just Rs 8.5 million.
Deal not yet finalised
When Sivasankaran was asked about purchasing Ratan Tata's villa, he said, "I don't know what you're talking about." His denial suggests that while discussions are ongoing, no deal has yet been finalised.
Seychelles issued a postage stamp on Tata Motors
In 1982, Seychelles had issued a commemorative stamp honouring Tata Motors' contributions to transportation. For a period after 2004, Indian Hotels (Taj) also managed the Denis Island property in Seychelles. Currently, neither Tata Motors nor Taj have any business interests in this East African country.