Delhi/Kolkata, May 11 (IANS): President Ram Nath Kovind and Prime Minister Narendra Modi on Saturday led the nation in paying tributes to ITC Chairman Y.C. Deveshwar who died in Gurugram earlier during the day.

In a Twitter post, Kovind described Deveshwar as a stalwart of Indian business and a builder of Indian brands.

"Sad to hear of the passing (away) of Y.C. Deveshwar, a stalwart of Indian business and a builder of Indian brands. His emphasis on sustainability and the triple bottomline will remain ever influential. My condolences to his family and colleagues in ITC and beyond," the President said.

Prime Minister Modi recalled Deveshwar's contribution to Indian industry. "His efforts helped ITC become a professionally-run Indian company with a global footprint. Saddened by his demise. My thoughts are with his family, friends and the ITC group in this hour of grief," Modi said in a tweet.

Union Finance Minister Arun Jaitley also expressed his sadness while West Bengal Chief Minister Mamata Banerjee called Deveshwar "a giant in the corporate world." "I have many memories of him as a distinguished captain of industry. Condolences to his family, his colleagues and his admirers," she said in a tweet.

Telangana Chief Minister K. Chandrashekhar Rao recalled Deveshwar's presence when the TS-IPass project was launched in Hyderabad in June 2015 and the way he extended his support to Telangana in that meeting for the industrial development in the state.

Former Madhya Pradesh Chief Minister Shivraj Singh Chauhan said in Deveshwar's death Madhya Pradesh has lost a true friend. "Deeply shocked by the news of passing away of @ITCCorpCom Chairman Shri YC Deveshwar. Madhya Pradesh has lost a true friend & a brand ambassador. This is a personal loss for me," he tweeted.

Expressing condolences, Confederation of Indian Industry (CII) President Vikram Kirloskar said: "A titan and guiding luminary of Indian industry, Deveshwar's commitment and passion for sustainable business was an inspiration for all."