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Tata, who served as the chairman of the salt-to-software conglomerate for over three decades across two stints, was presented the Mahaudyog Sanman, Chief Minister Devendra Fadnavis said on his Twitter handle.
Fadnavis presented the award to Tata during a special awards ceremony to recognise his contributions to industrial development at the second day of the ongoing Magnetic Maharashtra investor summit.
He was accompanied by industries minister Subhash Desai, tourism minister Jaykumar Rawal and junior home minister Pravin Pote Patil.
Other categories from where entrepreneurs were felicitated included information technology, women, exporters and small businesses.
Tata expressed his gratitude and thanked the state for the award.
Other companies which were awarded in different categories include those in IT-software, IT-enabled services, multimedia entertainment and gaming, and hardware.