Mumbai/IBNS: India's most revered industrialist and philanthropist Ratan Tata, who passed away on Wednesday at the age of 86, will be cremated with full state honours, media reports said.

Maharashtra Chief Minister Eknath Shinde announced a day of mourning in the state on Thursday.

The national flag will be flown half-mast at all government offices in the state.

The mortal remains will be kept at the National Centre for Performing Arts in Mumbai's Nariman Point from 10 am to 4 pm on Thursday.

The former chairman of Tata Group and a national icon for his august bearing and exemplary business ethics was undergoing treatment at Mumbai's Breach Candy Hospital after his admission there during the day. Following his admission his condition worsened and turned critical.

"It is with a profound sense of loss that we bid farewell to Mr. Ratan Naval Tata, a truly uncommon leader whose immeasurable contributions have shaped not only the Tata Group but also the very fabric of our nation," said N Chandrasekaran, Chairman, Tata Sons, in a late-night statement.

"For the Tata Group, Mr. Tata was more than a chairperson. To me, he was a mentor, guide and friend. He inspired by example. With an unwavering commitment to excellence, integrity, and innovation, the Tata Group under his stewardship expanded its global footprint while always remaining true to its moral compass,"  Chandrasekaran said.

In 2008, he received the Padma Vibhushan, the second highest civilian honour in India, after receiving the Padma Bhushan, the third highest civilian honour in 2000.

Ratan Tata took over as chairman of the autos-to-steel conglomerate in 1991, leading the company, established by his great-grandfather over a century ago, until 2012.

He also founded Tata Teleservices in 1996 and oversaw the public listing of Tata Consultancy Services in 2004.

Ratan Tata carried forward the Tata legacy of highest corporate social responsibility through countless philanthropic works, including setting up centres of academic excellence, research institutes and hospitals.

After his retirement, he was honored with the title of chairman emeritus for Tata Sons, Tata Industries, Tata Motors, Tata Steel, and Tata Chemicals, according to the company's website.