Rahul Bajaj was honoured with Padma Bhushan, India's third-highest civilian award, in 2001.
Veteran industrialist Rahul Bajaj, synonymous with Bajaj Auto, died today in Pune. He was 83.
A statement from the Bajaj Group said that the industrialist died in the "presence of his closest family members".
The industry veteran was not keeping well for some time and died at 14:30 hours this afternoon, said an official. He will be accorded a state funeral tomorrow, said the Maharashtra government.
Rahul Bajaj had resigned as Bajaj Auto Chairman in April last year. However, he was appointed as firm's Chairman Emeritus for five years.
One of the most famous taglines in the Indian corporate ad industry has been "you just can't beat a Bajaj" and the "Hamara Bajaj" for the company's iconic two-wheeler.
He headed the Bajaj group of companies which have presence across segments such as automobiles, general and life insurance, investment and consumer finance, home appliances, electric lamps, wind energy, special alloy and stainless steel, material handling equipment and travel.
The company's Bajaj Chetak scooter became an aspirational symbol for the middle class Indian families, with the 'Hamara Bajaj' tune becoming synonymous with their hopes of a better future.
In November 2019, at an event organised by the Economic Times in Mumbai where Home Minister Amit Shah was present, the veteran industrialist spoke about the government's 'stifling of criticism', among other things.
"This environment of fear, it's definitely on our minds. "You (the government) are doing good work; and despite that, we don't have the confidence that you'll appreciate criticism," he had said.
In 2005, the industrialist had started passing the baton of the company to son Rajiv Bajaj, who became the managing director of Bajaj Auto.
Prime Minster Narendra Modi said the veteran industry leader was a "great conversationalist" and will be "remembered for his noteworthy contributions to the world of commerce and industry".
President Ram Nath Kovind also mourned the loss of the industry doyen.
Former Congress president Rahul Gandhi called the industrialist's death a "big loss to India".
Civil Aviation Minister Jyotiraditya Scindia said he was "distressed" by the death "of the automobile doyen".
"My heartfelt tributes to Rahul Bajaj ji, a successful entrepreneur, philanthropist and former chairman of Bajaj. I had a personal relationship with Padma Bhushan awardee Rahul ji for many years. Rahul ji, who has led the Bajaj Group for the last five decades, has been instrumental in the industry. May God rest the departed soul and give strength to the family members. Om Shanti," tweeted Union Minister Nitin Gadkari.
Madya Pradesh Chief Minister Shivraj Singh Chouhan also condoled the industrialist's death.
"The demise of Rahul Bajaj the Chairman emeritus of the Bajaj Group is a loss to India's business community. My condolences to the bereaved family and the group," tweeted Mr Chouhan.
Nationalist Congress Party (NCP) chief Sharad Pawar said he was "deeply shocked" and credited the industrialist for his affordable two-wheeler which a tool of "socio-economic change".
Former Union Minister Praful Patel said that Rahul Bajaj is credited with making the brand Bajaj a household name.
"Saddened by the passing away of renowned industrialist and one of the longest-serving chairman in corporate India, Padma Bhushan Rahul Bajaj ji. He is credited with making the brand Bajaj a household name. My heartfelt condolences to his family members," Mr Patel tweeted.
"I am devastated", tweeted Biocon chief Kiran Mazumdar Shaw.
Congress leader Abhishek Manu Singhvi recounted the "lighter moments in central hall" with the industrialist, who was also a former Rajya Sabha member.
Rahul Bajaj was honoured with Padma Bhushan, India's third-highest civilian award, in 2001.
The industrialist is survived by two sons, Rajiv Bajaj and Sanjiv Bajaj, and a daughter Sunaina Kejriwal.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)