The funeral of Ratan Tata, the former chairman of one of India’s largest conglomerates, Tata Group, who died on Wednesday at the age of 86, took place in Mumbai.

Business leaders, politicians and celebrities were among the thousands of people who paid their last respects at the center where his body lay in state before being cremated.

The state of Maharashtra declared a day of mourning and his coffin was given a military salute as it was taken away for funeral rites.

Ratan Tata took over as group chairman in 1991 and is credited with transforming it into a global powerhouse.

Thousands came to the National Center for Performing Arts in Mumbai, where Ratan Tata’s body was taken in the morning, to pay their respects.

His coffin was wrapped in the Indian flag and covered with wreaths of white flowers.

Fellow business magnate Mukesh Ambani, Home Minister Amit Shah and Bollywood star Aamir Khan were among those present to bid farewell.

Ratan Tata’s dog, Goa, was also present, accompanied by two Tata employees. The dog was rescued from the streets of Goa state, from which it gets its name.

The magnate, who had a reputation for being modest and shy, was known for his philanthropic work, including animal welfare, health and education.

Tata’s death was announced on Wednesday evening. He was admitted to hospital earlier this week.

“His legacy will continue to inspire us as we strive to uphold the principles he so passionately championed,” a company statement said.

The Tata Group is one of India’s largest companies, with annual turnover of more than $100 billion (£76.5 billion), and he was one of India’s most internationally recognized business leaders.

The group was founded 155 years ago and spans a business empire ranging from Jaguar Land Rover and Tata Steel to aviation and salt pans.

During his twenty-year tenure, the conglomerate made several high-profile acquisitions, including the acquisition of British-Dutch steelmaker Corus, British car brands Jaguar and Land Rover, and Tetley, the world’s second-largest tea company.

Some of those decisions paid off, while others – including a failed telecom venture and the Nano, which was billed as the world’s cheapest car but flopped – lost money.

Tata was born in 1937 into a traditional Parsi family. He studied architecture and construction engineering at Cornell University in the US.

In 1962, he joined Tata Industries – the group’s promoter company – as an assistant and underwent six months’ training at a company factory in Jamshedpur.

From there he went on to work at the Tata Iron and Steel Company (now Tata Steel), Tata Consultancy Services (TCS) and National Radio and Electronics (Nelco).

In 1991, JRD Tata, who had led the group for over half a century, appointed Ratan Tata as his successor. “He (JRD Tata) was my biggest mentor… he was like a father and a brother to me – and not enough has been said about that,” Tata later told an interviewer.

In 2008, the Indian government awarded him the Padma Vibhushan, the country’s second highest civilian honor.

Indian Prime Minister Narendra Modi called Tata a “visionary business leader, a compassionate soul and an extraordinary human being.”