Ali Suleman Habib, a business magnate and chairman of the Indus Motor Company Ltd (IMC), passed away in Karachi on Friday at the age of 64.

His death was confirmed by the Habib University, where he was a member of the board of governors. The cause of his death wasn't immediately known.

IMC, a joint venture of the House of Habib, Toyota Motor Corporation, and Toyota Tsusho Corporation of Japan, manufactures and markets Toyota brand vehicles in Pakistan.

The prominent businessman also headed and oversaw the operations of the House of Habib, a conglomerate of companies employing over 15,000 people, according to his profile provided by Habib University. The group has four publicly listed companies.

Habib was the founding chairman of the Young Presidents Organisation, Pakistan Chapter, and former chairman of the Pakistan Business Council. He also served on the Board of Governors of the Shaukat Khanum Memorial Trust and as a member of the boards of directors of Thal Limited, Shabbir Tiles & Ceramics Limited, Habib Metropolitan Bank Limited and Metro Habib Cash and Carry Pakistan (Pvt.) Limited.

He was a graduate in Mechanical Engineering from the University of Minnesota and attended the PMD programme at Harvard University, according to the IMC website.

Prime Minister Imran Khan expressed grief at his passing in a tweet, terming him an "old friend" and a "respected and enterprising businessman".

Other politicians and members of the business community expressed condolences at his demise as well.

"Very saddened to hear of the passing of Mr Ali Habib. A good friend, a very decent man and a captain of industry, he left us all too soon," tweeted former finance minister Miftah Ismail.

Prominent stockbroker and businessman Arif Habib while speaking to Geo News termed his death a big loss for the nation and the Pakistani business community.

"He was a fearless man who did not shy away from expressing his views in front of policymakers," Arif recalled. "He was a nationalist who used to tell people not to discuss personal issues or problems and instead talk about national issues."

Former interior and planning minister Ahsan Iqbal said he was "extremely sad" to hear of Habib's death. "He was a good friend & very patriotic industrialist, who contributed immensely in the development of Pakistan," he wrote on Twitter.