According to reports, the exact cause of his death remains unclear, but it is speculated that low blood pressure and age-related complications might have contributed to his passing.

"He provided stable leadership to one of India's oldest and most prestigious business houses. At the same time, his contribution went far beyond boardrooms," said Prime Minister Narendra Modi.

Ratan Tata, the former Tata Group chairman, has died at the age of 86, according to a statement from the Indian conglomerate.