As per many company sources, Deveshwar died after a brief illness, while many reports are stating that the exact cause of his death is not yet known.
In 2011, Deveshwar received the Padma Bhushan, India's third-highest civilian award.
Deveshwar, who stepped down from executive role in 2017 but remained as a chairman in non-executive capacity, passed away this morning at a private hospital in Gurugram.
Deveshwar was one of India;s longest-serving corporate chiefs with over two decades of serving as the executive chairman and the CEO at ITC till February 4.
He was one of India’s longest-serving corporate chiefs with over two decades at the helm as the executive chairman and chief executive officer at ITC till 4 February, 2017.
He joined ITC Limited in 1968, became the director on the board of the company in 1984, and became the CEO and chairman in 1996.
One of the longest serving CEOs of India, Deveshwar’s earning was nearly triple the second-highest salary in his company reports said.
ITC is India’s leading diversified conglomerate. It’s multiple products include cigarettes, food products, hotels, stationeries, personal care products, safety matches, paperboard, packaging and printing, Information and technology.
KCR condoles death of YC Deveshwar
Telangana Chief Minister K Chandrasekhar Rao Saturday condoled the death of ITC Chairman Y C Deveshwar.
Rao recalled Deveshwar's presence when the TS-IPASS was launched in Hyderabad in June 2015 and his support to Telangana during the meeting for industrial development in the state, a release from CMO said.
Rao offered his condolences to the members of the bereaved family.
TS-IPASS is the acronym of Telangana State Industrial Project Approval and Self-Certification System.