Legendary industrialist Ratan Tata's body was on Thursday morning taken from his house in a hearse, decked with white flowers, to the NCPA in south Mumbai where it would be kept for people to pay their last respects.

Before the hearse started from Tata's home, located a couple of kilometres away from the National Centre for Performing Arts (NCPA), the Mumbai Police band played a tune as a mark of respect to him.

As the news of Tata's demise spread, people from different walks of life gathered outside his house since early Thursday morning to pay tribute to him.

Cricket legend Sachin Tendulkar was among the early visitors at Tata's home.

Ratan Tata, who is credited with transforming the Tata Group into a globally renowned conglomerate, died at age 86 at the Breach Candy Hospital in Mumbai on Wednesday night.

Chief Minister Eknath Shinde, his deputy Devendra Fadnavis, Maharashtra’s education minister Deepak Kesarkar and industrialist Mukesh Ambani were among those who rushed to the hospital after hearing about Tata's death.

The mortal remains of Tata were brought out of the hospital in an ambulance escorted by police vehicles early on Thursday and taken to his residence in Colaba.

CM Shinde has said Ratan Tata will be accorded a state funeral.

The Maharashtra government has declared a day of mourning in the state on Thursday to pay tributes to Ratan Tata, the Chief Minister's Office said.

A statement quoting CM Shinde said the national tricolour on government offices in Maharashtra will be flown at half-mast on Thursday as a sign of mourning.

Tata's mortal remains will be kept at the NCPA from 10 am to 3.30 pm on Thursday for people to pay their respects.

His last rites will be performed in Worli area of Mumbai later in the day.