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PM Modi condoles death of ITC chairman YC Deveshwar

ANI  |  Politics 

on Saturday condoled the death of and CEO YC Deveshwar, who passed away in the morning after suffering a prolonged illness.

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

The news of Deveshwar's demise came to light after Sanjiv Puri, MD, ITC issued a statement. He said, "His ( YC Deveshwar) superordinate vision to build an exemplary Indian enterprise, to serve priorities, create the businesses of tomorrow, impeccable values and personal integrity, the width and depth of his strategic thinking and his compassionate conduct of business will continue to inspire us in the journey ahead. In his hour of immense sadness, our hearts go out to his family, wife Mrs Bhartu Deveshwar, children and and to their families to whom we offer our sincerest condolences."

Deveshwar was one of India's longest-serving corporate chiefs with over two decades at the helm of ITC. He joined ITC in 1968 and was the of its aggressive transformation from a tobacco company to an FMCG (fast moving consumer goods)

In 2011, Deveshwar received the Padma Bhushan, India's third-highest civilian award.

Former also condoled the death of Deveshwar. He said, "Deeply shocked by the news of passing away of @ITCCorpCom Chairman Shri YC Deveshwar. has lost a true friend & a brand This is a personal loss for me. He had a key role in MP's development & industrialization. My condolences to his family & ITC Pariwar."

West Bengal on wrote, "Saddened at the passing away of Y C Deveshwar Ji. 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."

Deveshwar became the of the company in 1996 and grew revenues from Rs 5,200 crore to more than Rs 51,500 crore. He also battled (BAT) to ensure that ITC remains an Indian company.

Born on February 4, 1947, in Lahore, Deveshwar studied at (IIT) before taking a management course at Between 1991 and 1994, he led government-owned Air as the He was also a on the of the Reserve Bank of (RBI).

In 2017, Deveshwar stepped down as the of and was serving as a non-

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

First Published: Sat, May 11 2019. 14:07 IST
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