Sources familiar with the matter said Aircel founder C. Sivasankaran and his family or associates have expressed interest in acquiring the villa for $6.2 million (around Rs 55 crore). When contacted by TOI, Sivasankaran stated: “I don’t know what you are talking about.” The sources clarified that while discussions have taken place, no formal agreement has yet been reached.
Sivasankaran, a Seychelles citizen, had previously assisted Ratan Tata in acquiring the villa. Under Seychelles law, only citizens can purchase property, but an exception was made for Tata due to his global stature as an industrialist and philanthropist. In recognition of Tata Motors’ contribution to Seychelles’ transportation needs, the country had issued a commemorative stamp in 1982.
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Historically, Indian Hotels (Taj) had managed Tata’s Denis Island property in Seychelles for some time after 2004. However, both Tata Motors and Taj no longer maintain business interests in the East African nation.
In past interviews, Sivasankaran, 69, shared insights into his long-standing friendship with Tata. For seven years, he visited Tata’s “ordinary 3-BHK home” in Mumbai’s Bakhtawar building daily at 7:15 am, spending around 45 minutes with him—often finding Tata exercising during the meetings to save time.
During a flight from Singapore to Seychelles, when an engine failed, Tata remained calm and reportedly said, “Let the pilots do their job.” In contrast, Sivasankaran panicked and even emailed his son his Gmail password during the incident. Their relationship also led Sivasankaran to invest in Tata Group’s telecom venture.
If the villa is sold, proceeds will be divided equally between the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust, as per the June 16, 2025 Bombay High Court order probating the will.
The considerable gap between the property’s valuation and the Sivasankaran family/associates’ offer indicates a willingness to pay a premium. Sources also noted that Sivasankaran’s son, Saravana Sivasankaran, 41, founder of Marlo Technologies, is involved in the matter. The family reportedly wants the property free of pending construction dues or taxes.
How the transaction will be structured remains uncertain, given Sivasankaran’s ongoing bankruptcy proceedings in the Seychelles Supreme Court. Speaking earlier, Sivasankaran said: “My case is pending in the Supreme Court. When it is heard, I will get my money back.”
Known as a serial entrepreneur, Sivasankaran once owned two islands in Seychelles and properties worldwide. He noted: “I am not poor. Many people in India think I am poor. No, I am broke.” He had previously built Sterling Computers, Dishnet DSL Internet service provider, and the Fresh & Honest coffee vending chain, with his net worth once estimated at over $4 billion.
With inputs from TOI