Political and business leaders paid heartfelt tributes to ITC Chairman Y C Deveshwar, who passed away Saturday morning after a brief illness, saying he leaves behind a rich legacy.

"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 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.

As ITC Chairman, Deveshwar transformed the cigarette major into a diversified player with interests in FMCG, hospitality, IT and other sectors.

"For me personally, Mr Deveshwar, Yogi to all, was a warm and generous leader who always found time to engage with all. We will deeply miss his erudite guidance and sage advice. Our thoughts and prayers are with his family at this time, Kirloskar said.

In a tweet, Assocham President B K Goenka said he was a "tall leader of India Inc who immensely contributed to the industry and society".

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.

He joined ITC in 1968 and was appointed as a director on ITC's board on April 11, 1984. He rose to become its chief executive and chairman on January 1, 1996.

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