The 96-year old was the chairman of Tisco from 1984 to March 1993, died at his Alipore home in South Kolkata.
Born in a Parsi family in Bombay Presidency on June 17, 1918, Mody was educated at Harrow and went on to do his graduation from Christ College, London.
He joined Tisco in 1939 and went on to become its chairman.
Following his retirement, he took over as the joint chairman of Air India and erstwhile Indian Airlines.
He had made Kolkata his home and lived alone.
Meanwhile, the Bengal Chamber of Commerce and Industry mourned the passing away of Russi Mody saying that India has lost a true giant of a man, whose human touch endured him to many hearts.