According to a company official, Jain died following a cardiac arrest at his residence in the afternoon today.
Jain was the chairman and president of Luxor Group, the company which has brought internationally-renowned brands like Waterman, Parker and Pilot to India.
He is survived by wife Usha Jain, son Pankaj Jain and three daughters, Pooja Jain, Priya Jain and Payal Kapoor.