Rahul Bajaj had resigned as Bajaj Auto Chairman in April last year. However, he was appointed as firm's Chairman Emeritus for five years.
One of the most famous taglines in the Indian corporate ad industry has been "you just can't beat a Bajaj" and the "Hamara Bajaj" for the company's iconic two-wheeler.
In 2005, the industrialist had started passing the baton of the company to son Rajiv Bajaj, who became the managing director of Bajaj Auto.
President Ram Nath Kovind led the nation in mourning the industry doyen.
Former Congress president Rahul Gandhi called the industrialist's death a "big loss to India".
Civil Aviation Minister Jyotiraditya Scindia said he was "distressed" by the death "of the automobile doyen".