City Group Chairman Fazlur Rahman died aged 77 early on Monday while undergoing treatment at United Hospital in Dhaka.
His namaz-e-janaza (funeral prayer) would be held at Dhupkhola field in Gendaria, Old Dhaka, after Asr prayers, his family said.
Fazlur Rahman leaves behind a wife, a son and three daughters.
A report by Somoy TV, owned by City Group, said Fazlur Rahman had been suffering from respiratory issues for a long time.
He was at work even till Sunday evening and was taken to hospital when he felt ill at night, according to the report.
The journey of City Group started on February 6, 1972 as a mustard oil producer. Following the success of its initial venture, City Group expanded its investments into new sectors, with a primary focus on production, industry and trade, according to media reports.
In the early '90s, City Group embarked on additional projects and initiatives, resulting in the establishment of over 40 companies within the industrial group. These companies collectively employ approximately 25,000 individuals, contributing to an annual turnover of around Tk 25,000 crore.
Beyond the domestic market, City Group exports various products, including flour and oil, to countries such as the US, China, Japan, Malaysia, India, Cambodia and Nepal.