Reliance Industries chairman Mukesh Ambani on Sunday condoled the death of Shiv Sena founder Bal Thackeray and said "the nation has lost a great leader".

"I am deeply saddened by the passing away of Balasaheb Thackeray, the founder president of the Shiv Sena. The nation and the state of Maharashtra have lost a great leader, whose robust patriotism matched his soaring popularity," Ambani said in a statement.

"Thackeray's clear thinking, inspiring oratory and commitment to cause endeared him to the masses," he added.

Industry chamber CII also expressed its condolences.

"It is unfortunate that the country has lost a great leader. He had known many industry leaders well and everyone acknowledges his contribution...," CII director general Chandrajit Banerjee said.

Thackeray, 86, who catapulted Shiv Sena to power in Maharashtra in the 1990s, died in Mumbai on Saturday.