Prahalad, one among the Top 10 Management Business Thinkers, is survived by his wife Gayatri and two children.
The Harvard Business School graduate has not only worked with some of the best educational institutes but has also consulted top management of global companies.
Dr Prahalad's research focused on corporate strategy and the role and value added of top management in large, diversified, multinational corporations. He has also authored several books such as 'The Core Competence of the Corporation', 'Competing for the Future', 'The Future Competition' among others.
Besides being termed as a 'brilliant teacher' by his students at the University of Michigan, Dr Prahalad won a slew of honours and awards.
In 2000, he became the first recipient of the Lal Bahadur Shastri Award for contributions to Management and Public Administration. He was also conferred Padma Bhushan, the third in the hierarchy of civilian awards, by the Government of India in 2009.