The cause of his death is not known. He was diagnosed with cancer a few years ago.
Under his leadership, ITC was also successful in warding a takeover threat from its largest shareholder, BAT.
He stepped down from the executive role in 2017 but continued to hold a non-executive role.
In 2011, Deveshwar was conferred with the Padma Bhushan, award.
Sanjiv Puri, ITC MD, extending his condolences said: "We deeply mourn the passing away of Y.C. Deveshwar, Chairman ITC. In this hour of profound grief and sorrow, we recall with respect and pride the legendary stewardship he provided to ITC over two decades as its Chairman.
Deveshwar, an alumnus of the Indian Institute of Technology, Delhi, and Harvard Business School, was invited by the Indian government, early in his career between 1991 and 1994, to serve as the Chairman and Managing Director of Air India, a period that is remembered for a turnaround in the national carrier with consistent profitability.
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