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 Indian Institute of Technology Delhi and Harvard Business School. He joined ITC in 1968 and was the architect of its aggressive transformation from a tobacco company to a conglomerate with a portfolio of products in fast moving consumer goods, hotels, paperboards, and paper, packaging and agri-business.
"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 the ITC group in this hour of grief."
West Bengal Chief Minister Mamata Banerjee wrote, "He was a giant in the corporate world. I have many memories of him as a distinguished captain of industry. Condolences to his family, his colleagues and his admirers."
Former Madhya Pradesh Chief Minister Shivraj Singh Chouhan 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 passionately championed the cause for sustainable and inclusive growth and the transformative role businesses could play in creating larger societal value," said ITC Managing Director Sanjiv Puri in a statement.
Deveshwar battled British American Tobacco (BAT) during a takeover bid to ensure that ITC remains an Indian company.
Under him, ITC unveiled the e-choupal project which aimed at changing India's rural economy. The pioneering farmer empowerment initiative is now the world's largest rural digital infrastructure and is a case study at the Harvard Business School.
ITC Ltd 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).
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)