Mr Deveshwar, 72, had stepped down from executive role in 2017 but remained as a chairman in non-executive capacity. He passed away this morning at a private hospital in Gurugram, PTI reported.
According to an Economic Times report, he was diagnosed with cancer a few years ago.
Deveshwar joined ITC in 1968 and became the executive chairman of the company in 1996. He helmed the company for two decades and was one of India’s longest-serving corporate chiefs.
Under his leadership, ITC achieved several milestones and diversified itself to an FMCG company. During his tenure, the company was a target of takeover threat from its largest shareholder BAT but he warded off the effort.
During the period he was at the helm as company's executive chairman and chief executive officer, ITC's revenues grew from Rs 5,200 cr to over Rs 51,500 cr.
Deveshwar received the Padma Bhushan, India's third-highest civilian award, in 2011.