The Indo-American Chamber of Commerce (IACC) has presented the lifetime achievement award to business icon Ratan Tata as part of its recent global leadership awards.

The IACC leadership bestowed the IACC Lifetime and Global Excellence Awards to Tata on Friday at a closed-door meeting, owing to the ongoing COVID-19 crisis, according to a statement.

Tata, who grew the revenues for India's largest conglomerate 'The Tata Group' to nearly $100 billion by 2011-12, remains an influential industrialist, philanthropist and humanitarian to the day, IACC said.

Tata, who has accepted fewer awards over the last few years, received the honour as he believed that these awards inspire future global leaders and strengthen bilateral economic ties between India and the US.

“We believe Tata was the first Indian to recognise and tap the potential of the US market. Under his leadership, the TATA group had transformed into the largest Indian employer in the US in a matter of three decades,” IACC West India Council, Regional President Naushad Panjwani said.

The group is deeply entrenched in multiple industries globally, from heavy steel (TATA Steel), automobiles (TATA Motors), ITES (TATA Consultancy Services), among others.

After he retired from the helm of the Group, Tata remains an influential mentor to multiple Indian start-ups.