He was 97 and survived by a daughter, industry sources said.
Winner of the prestigious JC Danniel Award in 1992, Vasudevan entered the Kerala film industry as an exhibitor and opened his film distributor office at Tripunithura in 1940.
In less than 10 years, he brought over 1000 films to Kerala in Malayalam, Tamil, Telugu, Hindi and Sinhala.
He was also one of the founder-members of Kerala Film Chamber of Commerce in 1955 and served as president between 1995-96 and also founder-president of Malayalam 'Chalachitra Parishad' in 1968 and served in the same capacity for 10 consecutive years.
South Indian Film Industry had honoured him during the platinum jubilee of Indian film industry in 1989.
The funeral is expected to be held here tomorrow.