Patel, who was suffering from cancer, was admitted to a private hospital few days ago and passed away yesterday, family members said.
He is survived by his wife and four children.
Gujarat chief minister Anandiben Patel in an official condolence message said, "The Gujarati film industry has suffered a major loss and Patel will always be remembered for his films."
Patel has produced popular Gujarati films like "Desh Rey Joya Dada Pardes", "Dhola Maru", "Jode Rahejo Raj", "Sahebo Savalakhno", "Sejal Sarju", "Hiran Ne Kanthe" and "Patan Thi Pakistan" among others.