Billionaire Cyrus Mistry, former chairman of Tata, died on Sunday in a road accident while traveling to Mumbai.
Another person was killed and two other passengers were injured, police in India’s western state of Maharashtra said.
Mistry, who was 54, was ousted as Tata chairman in 2016 following criticism of his performance.
He was replaced by Ratan Tata, the man Mistry himself had replaced just four years earlier.
The company operates in more than 100 countries, offering products such as salt, steel and software, and had revenue of $130 billion last year.
Mistry and his companions were traveling in a Mercedes car in Maharashtra’s Palghar district when the accident occurred on Sunday afternoon, police said.