Former Maharashtra Deputy Chief Minister Ajit Pawar, who was at the function, later said that Valse-Patil's condition, according to doctors, was "stable".
He felt chest pain towards the end of his speech, but was conscious when he was admitted to hospital, Pawar said.
The function was a part of the 75th birthday celebrations of NCP president Sharad Pawar organised by Katraj Dairy here.
"If necessary, he can be shifted to another hospital depending on doctors' advice," Pawar said.
Known to be a close associate of Sharad Pawar, he earlier headed the ministry of Finance and Planning in the Maharashtra government.