The honorary doctorate, presented by Exeter University chancellor Baroness Floella Benjamin, is Bilimoria's seventh accolade.
The ceremony, which took place at the Great Hall of the University campus on Tuesday, saw a total of 14 honorary degrees awarded.
"I have been fortunate enough to have enjoyed a long and rewarding career, not only in business, but also in working to give something back to this wonderful country through my work in public life," Bilimoria said.
Bilimoria's career has seen extensive involvement in Higher Education. In 2005 he become the youngest ever chancellor in the UK when he was instated as chancellor of the University of West London.
This year Bilimoria was named as the chancellor of the University of Birmingham, making him the first Indian born chancellor of a Russell Group university.