He was 87 and is survived by his son Baba Kalyani, who is the Kalyani Group chairman, and a daughter.
Neelkanth Kalyani founded Bharat Forge in 1951 which subsequently became a leading name in the forging sector with rapid expansion.
Bharat Forge is the flagship company of the Kalyani Group and the world's second-largest forgings manufacturer.
The ailing industrialist breathed his last at his residence.
He had served as chairman of Maharashtra Co-operative Land Development Bank for 12 years. He was a Non-Executive Independent Director of Kinetic Engineering Limited, Sudarshan Chemicals Industries Limited, Kalyani Institute of Scientific Research, and Kalyani Medical Foundation.
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