The award which carries USD 225,000 (Rs One Crore) and citation was presented at the Annual Award Gala of Canada India Foundation, held in Vancouver Barj Dhahan, Gala Chair and Co-Chair of Canada India Foundation said.
Tata joined India's largest business conglomerate in 1962 and in 1991 replaced his predecessor JRD Tata, as Chairman of Tata Sons.
Since then, the Group's revenues have increased 12-fold. Recent acquisitions under Tata's guidance include Jaguar and Land Rover from Ford Motor Company and Corus Group, an Anglo-Dutch steel producer.
Tata was honoured with the Padma Vibhushan, India's second-highest civilian award in 2008.
His dream of manufacturing a low-cost and environmentally friendly car that more people in India could afford to drive was realised when the Tata Nano, also known as 'the People's Car', with an end-user cost of only USD 2,500, went into production last year and has since received world-wide acclaim.
Canada India Foundation created the CIF Chanchlani Global Indian Award to recognise individuals who have demonstrated global leadership, vision and professional excellence, which has made people of Indian origin around the globe proud of their heritage.