Pallonji Mistry of the $5-billion Shapoorji Pallonji (SP) Group died in the early hours of Tuesday here.
Mistry, who was the single-largest shareholder in Tata Group with an 18.37 per cent holding, was 93.
He passed away in his sleep at the family residence in South Mumbai, a PTI report said.
Born in 1929, the billionaire industrialist headed the privately held SP Group having its roots in the construction business.
Mistry took the group to markets beyond India, where it successfully delivered several marquee projects such as a palace for Oman’s royalty in Muscat.
He also diversified the group to other businesses such as real estate, textiles, shipping and home appliances.
Under his chairmanship, the group grew substantially in the later decades of the last century.
He also acquired strategic stakes in other companies and brought them within the fold of SP Group, such as Sterling & Wilson, United Motors, Forbes Gokak and Afcons Infrastructure.
The business icon was awarded the Padma Bhushan in 2016.