The accident took place after the driver of one of the buses lost control over the vehicle due to a tyre burst, they said.
Thirty of the 49 injured passengers were in serious condition and are undergoing treatment at Satara government hospital.
According to police, while one bus was heading to Satara from Solapur, another was going to a village called Vaduj from Satara.
A nine-month-old child miraculously escaped unhurt, police said.
