The two were traced from an undisclosed location by the personnel of STF, which was probing the sensational kidnapping.
Their condition was good with no signs of any injury, a senior police officer told PTI.
Bhatt along with his driver were kidnapped on January 18, when they were returning from Gwalior to Indore after attending a business meeting.
Police so far have not disclosed whether Bhatt and his driver were found or rescued.
All relevant information would be disclosed later, the officer said, adding they are being brought to Indore.
Unconfirmed reports said the executive was released by his abductors after taking ransom last night. However, police have not confirmed that.
Bhatt's car was found abandoned near a bus stand under Nihalganj police station area along with a pair of shoes, a newspaper with blood-stains, which indicated the signs of struggle before abduction.
Bhatt, president (manufacturing) at Nicholas Piramal's Pithampur plant, had made last call from his mobile phone near Mohana town in Shivpuri district when he was returning to Indore on that fateful day.