Jain, 79, was undergoing treatment at a city hospital for the past 10 days, a company statement said late this evening.
The cremation will take place on February 27 in Jalgaon where he was based.
Jain was born into a farming family in Maharashtra in 1937. In the early 1960s, he started the family business with trading. By 1980, he diversified and commenced PVC pipe manufacturing.
The statement said his mortal remains will be taken to Jalgaon in north Maharashtra and will be cremated at the Jain Hills there on February 27.
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Meanwhile, Maharashtra Governor Ch Vidyasagar Rao and Chief Minister Devendra Fadnavis condoled Jain's demise.
"Shri Bhanvarlal Jain empowered millions of farmers across the world by popularising micro-irrigation technique for water management.
"Starting the Jain Irrigation Systems from the scratch, he turned the organisation into a global leader in irrigation systems. His life and work will always provide inspiration to the people," the Governor said.
Fadnavis said in Jain's death, we have lost the founder of drip-irrigation revolution.
Condoling Jain's demise, Maharashtra Pradesh Congress Committee chief Ashok Chavan said the industrialist worked for welfare of farmers.
"Jain started his industry in Jalgaon in 1963 at a time when that place was not on the industrial map," he said.