Deora had been unwell and was admitted to a hospital from where he came home two days back. The end came at 3.25 am, family sources said.
Murlibhai, as he was fondly called, is survived by wife and two sons, including former MP Milind Deora, who also served as a Union Minister.
Congress President Sonia Gandhi, her son and party Vice-President Rahul flew down to Mumbai to pay tributes to the departed leader. They were accompanied by Priyanka Gandhi and her husband Robert Vadra.
Senior Congress leaders Ahmed Patel, Motilal Vohra and Anand Sharma were also present at the Mumbai Congress office where Deora's body was kept to allow people and party workers pay their last respects.
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Leaders cutting across party lines paid tributes to Deora, who had friends across political spectrum and also in the corporate world.
Maharashtra Parliamentary Affairs Minister Prakash Mehta, Education Minister Vinod Tawde (both from BJP), MNS chief Raj Thackeray and Union Power Minister Piyush Goyal also paid floral tributes to Deora, a sitting Rajya Sabha MP.
Among those present at the crematorium were Sonia, Rahul, Priyanka, Vadra, Vohra, Sharma, Ahmed Patel, NCP leader Praful Patel, industrialists Mukesh and Anil Ambani, former Chief Prithviraj Chavan, Goyal and Mehta.
Deora was India's longest serving Petroleum Minister (he served under UPA 1 & 2) and held important posts in the party and Government during his over four-decade-long career.
He was elected to Lok Sabha four times from the prestigious Mumbai South seat. He served as President of Mumbai Congress for 22 long years.