Dattatray Bhaskar Chitale, part of the founding family and one of the directors of the renowned BG Chitale group, died of a heart attack in Miraj in Maharashtra's Sangli district on Saturday.
Kakasaheb, as he was affectionately known, was 78 and is survived by wife Sunita, sons Girish and Makrand and daughter Veena.
Family members said he was hospitalised for chest pain on Friday and died while undergoing treatment.
A mechanical engineer, Kakasaheb joined his father Bhaskar Ganesh Chitale to expand the dairy business, started in the 1950s in Bhilawdi, into sectors like confectionery, snacks and sweet, food processing as well as digital products.