He was 93.
Khan passed away around 2 am today, they said.
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He was associated with Anwarul Uloom Group of Institutions, Aiza School. An engineering college in the city has been named after him.
Khan, who owned different companies in the city, was a leading industrialist, the sources said.
He was also known as a philanthropist.
Khan would be laid to rest in the evening, they added.