MUMBAI: Industrialist Ratan Tata, philanthropist and former Chairman Emeritus, of Tata Sons and the Tata Group was conferred Maharashtra's first Udyog Ratna award at his residence on Saturday.

The award was presented to 85-year-old Tata by Maharashtra Chief Minister Eknath Shinde and Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar during a ceremony, at his residence here in Mumbai since Tata was not keeping well. 

During the small private ceremony, Tata was presented with a shawl, a citation and a memento from the Maharashtra Industrial Development Corporation (MIDC).

Speaking about the award and its recipient Ratan Tata, Eknath Shinde said, "Tata means trust and giving the first award to Ratan Tata has only increased the honour of this award. Ratan Tata's and Tata Group's contribution to the country is immense. I thank him for accepting this award given by the Maharashtra government."

The state government had on Monday issued an order regarding the announcement of four awards for the Industrialist, as per which it decided to start the awards for the industry sector on the lines of Maharashtra Bhushan from 2023. 

The highest Udyog Ratna award will comprise a prize amount of Rs 25 lakh, a trophy, and a citation. Udyog Mitra will comprise a prize amount of Rs 15 lakhs, a trophy, and a citation. The order also said that every year one male and one female entrepreneur will be awarded as the best entrepreneur with a prize amount of Rs 5 lakh, a trophy, and a citation

The formal Maharashtra Udyogratna, Udyogmitra, Udyogini and Utkrusht Marathi Udyojak awards distribution ceremony was held on Sunday at the Jio World convention centre in Bandra Kurla complex preceded by the Governor Ramesh Bais, the CM and other ministers. 

While the Udyog Ratna was conferred to Ratan Tata, the Udyog Mitra was given to Adar Poonawalla chief executive officer (CEO) of Serum Institute of India and Chairman of Poonawalla Fincorp Ltd, the Udyogini Award was given to Gauri Kirloskar director on the board of Kirloskar Oil Engines Ltd and the Utkrusht Marathi Udyojak award was given to Vilas Shinde CMD of Sahyadri Farms.

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

Ratan Tata received the Padma Bhushan in 2000 and Padma Vibhushan in 2008, the third and second highest civilian honours awarded by the Government of India. He has also received state civilian honours like 'Maharashtra Bhushan' in 2006 for his huge work in public administration in Maharashtra.