Deveshwar, 72, who passed away at a private hospital in Gurugram near here this morning after a brief illness.
"Shri Y C Deveshwar made a strong contribution to Indian industry. 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," the prime minister said in a tweet.
Condolence messages also poured in from other political and business leaders.
Finance Minister Arun Jaitley tweeted: "Saddened by the death of Yogi C Deveshwar, Chairman ITC. Yogi excelled as a corporate professional and an entrepreneur and took his company to great heights. May God render peace to the departed soul & give to his family strength to bear this loss."
West Bengal Chief Minister Mamata Banerjee described him as a "giant in the corporate world".
"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 distinguished captain of industry. Condolences to his family, his colleagues and his admirers," Banerjee said in a tweet.
In a statement, the Confederation of Indian Industry (CII) expressed its condolences at the demise of Deveshwar, terming it a great loss for the Indian industry. Deveshwar was the president of CII in 2005-06.
"A titan and guiding luminary of Indian industry, Mr Deveshwar's commitment and passion for sustainable business was an inspiration for all. Mr Deveshwar's devotion to inclusive growth in India was laudable and he led by example," CII President Vikram Kirloskar said.
Ambuja Neotia Group Chairman Harsh Neotia said Deveshwar was an extraordinary professional, who steered the company in "troubled times and diversified it from tobacco to FMCG and hospitality. He has been a family friend for two generations."
Keventer Agro CMD Mayank Jalan credited Deveshwar for putting Kolkata on the global business map.
Srei Infrastructure Finance CMD Hemant Kanoria said, "He built a great company like ITC and diversified it into so many areas, all with sustainable long-term business and social models."
Chairman of RPG Enterprises Harsh Goenka said: "A titan, a friend, #YogiDeveshwar passes away making the Indian corporate world poorer"
Kiran Mazumdar Shaw, Chairperson and Managing Director of Biocon, also condoled the veteran's demise and said she was deeply saddened by the news.
Yogi Deveshwar was a business icon who will be remembered for Transforming ITC into a diversified behemoth with path breaking innovation in Agritech n other sectors, she said in a tweet.
Deveshwar (72), who stepped down from executive role as chairman and CEO in 2017 but remained as a non-executive chairman, breathed his last at a private hospital in Gurugram.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)