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ITC Chairman Yogi Deveshwar passes away at 72, condolences pour in

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Legendary corporate leader Deveshwar, who spearheaded multi-ITC group as its for over two decades, passed away on Saturday at the age of 72.

He is survived by his wife and son. In 2011, Deveshwar received the Padma Bhushan, India's third-highest civilian award.

Deveshwar was an alumnus of the and School. He joined ITC in 1968 and was the of its aggressive transformation from a tobacco company to a with a portfolio of products in fast moving consumer goods, hotels, paperboards, and paper, packaging and agri-

and several other prominent political and business leaders condoled his death.

"Shri Y C Deveshwar made a strong contribution to Indian industry," said Modi in a tweet. "His efforts helped ITC become a professionally-run Indian company with a global footprint. Saddened by his demise. My thoughts are with his family, friends and group in this hour of grief."

West Bengal wrote, "He was a giant in the corporate world. I have many memories of him as a of industry. Condolences to his family, his colleagues and his admirers."

Former said: This is a personal loss for me. He had a key role in MP's development and industrialisation. My condolences to his family and ITC Pariwar."

Deveshwar was first appointed as ITC's in April 1984 and became in April 1996. Later he was appointed as in non-executive capacity in February 2017.

"Deveshwar passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating larger societal value," said ITC Managing in a statement.

Harsh Goenka, Chairman of Enterprises, said: "A titan, a friend, passes away, making the Indian corporate world poorer."

Ashok Malik, to the of India, said: "combined with institutional ambition in a manner few others could. Anyone who knew him will miss him."

Between 1991 and 1994, Deveshwar led government-owned Air as the He was also a Director on the central board of the Reserve Bank of (RBI).

Deveshwar battled (BAT) during a takeover bid to ensure that ITC remains an Indian company.

Under him, ITC unveiled the project which aimed at changing India's rural economy. The pioneering empowerment initiative is now the world's largest and is a case study at the

now has a gross sales value of 10 billion dollars (about Rs 70,000 crore) and market capitalisation of 50 billion dollars (about Rs 35 lakh crore).

Deveshwar was born on February 4, 1947 in He was diagnosed with cancer a few years ago. In April 2018, he was conferred for Lifetime Achievement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, May 11 2019. 15:34 IST
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