India's Ratan Tata, Chairman of Tata Sons, will receive a lifetime achievement award for innovation from the foundation for thoughtfully incorporating the public good into the business model of the Tata group. Tata Sons is the promoter of the major Tata companies and holds the majority promoter holding in Tata companies.

Other award recipients include Sir Ronald Cohen, chairman of The Portland Trust and Big Society Capital and director of Social Finance US; J Carl Ganter, director and co-founder of Circle of Blue; and representatives from the international youth empowerment organisation, Design for Change.

The operations of the Tata group, which include companies like Tata Motors, Tata Steel, Tata Consultancy Services and Tata Global Beverages, span more than 80 countries across six continents. Since the company's establishment in 1868, the Tata group has made it their mission to return wealth to the communities in which it operates. 66 percent of Tata Sons is owned by philanthropic trusts founded over 120 years ago.

"At the Rockefeller Foundation, we are constantly searching for innovative solutions to some of the world's most pressing challenges, and we have admired Mr Tata's work in both the corporate sector and in his personal philanthropy to find these types of solutions as well," said Dr Judith Rodin, president, The Rockefeller Foundation. "We are honored to celebrate Mr Tata tonight for his vision, the Tata group's leadership, his commitment to innovation in the area of corporate social responsibility and for his commitment to the poor and underserved."

One innovation in particular that stands out is the development of the Tata Nano, the world's most affordable car, which has made an automobile accessible to thousands of families who would otherwise depend on two-wheelers.

Mr Tata will receive his award at the foundation's annual Innovation Forum, to be held in Manhattan on June 26, 2012. The ceremony will include a fireside chat with Mr Tata moderated by Dr Rodin.