Hyderabad/Mumbai: Y.C. Deveshwar, chairman, ITC group, passed away this morning. He was 72. He was diagnosed with cancer a few years ago. He is survived by his wife and son.
Deveshwar joined ITCNSE in 1968 and became its executive chairman in 1996. Under his leadership, ITC was successful in warding a takeover threat from its largest shareholder BAT and it made a successful diversification in the FMCG category. He was also a director on the central board of the Reserve Bank of India. In 2011, he received the Padma Bhushan award.
CM KCR, KTR condole death
Chief Minister K Chandrashekhar Rao today condoled the death of Deveshwar who passed away in Gurugram. In a message, the Chief Minister recalled Deveshwar’s presence when the TS-IPass was launched in Hyderabad in June 2015 and the way he extended his support to Telangana State in that meeting for the industrial development in the State. He conveyed his condolences to the members of the bereaved family.
Former IT & Industries Minister and TRS working president KT Rama Rao in a tweet recalled his interactions with Deveshwar and said it was saddening to hear about the demise of one of India’s finest business stalwarts. He said, “He enjoyed interacting with him in my former role as Industries Minister. He was a strong proponent of building Indian brands with global outlook.