The appointment was made during a meeting held in Mumbai and was agreed upon by the board of Tata Trusts.
Maharashtra Chief Minister Eknath Shinde said that Ratan Tata would be accorded state funeral.
His statement followed a media report claiming that Ratan Tata was admitted to Mumbai's Breach Candy Hospital early Monday morning.
Ratan Tata worked at Tata Consultancy Services (TCS), Tisco, and Air India, where he held the position of Chairman from 1986 until 1989.
Ever since Sharath posted the video on social media, it has crossed over 6.5 million likes and 7.4 million views.
Chief Minister Eknath Shinde, Deputy Chief Ministers Ajit Pawar and Devendra Fadnavis reached Tata’s Mumbai residence to present him the award.
The video commences with Rakesh Jhunjhunwala expressing his admiration for the Tata group, underscoring them as his source of inspiration.
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