The company Ratan Tata said no to was IBM. Fresh out of Cornell University with a degree in architecture, he had the option of taking up a position at IBM in the United States. JRD Tata counselled him against accepting a role at a firm that had no factories or production base within India, arguing it would not really benefit the nation, and Ratan Tata chose instead to come back home and start work at Tata Steel's Jamshedpur plant in 1962, learning the business from the ground level.
The other three options, HUL, Siemens, and SKF International, are all recognizable multinational or Indian companies, but none of them appear in the historical record of Ratan Tata's career choice at that time. The well known account of his early life ties the declined offer specifically to IBM, which makes IBM the correct answer.