Former chairman of Tata, the country’s largest conglomerate, as a “big loss” for the business world.
Cyrus Mistry died on Sunday in a road accident while travelling to Mumbai.
One other person was killed and two more passengers were injured, police in India’s western Maharastra state said.
Mr Mistry and his companions were travelling in a Mercedes car through the Palghar district of Maharashtra when the accident happened on Sunday afternoon, police said.
The vehicle is said to have hit a divider in the road, while crossing a bridge over a river, and Mr Mistry subsequently died at the crash scene.