The left-handed batsman scored 2,113 runs at an average of 31.07 in 37 tests with a hundred and 14 half-centuries.
"With a heavy heart we bid adieu to Ajit Wadekar. The former India captain is no more," the Indian cricket board said on its official twitter handle.
"Cricketer, Coach, Manager and Chairman of Selectors - Mr Wadekar served Indian cricket in many different ways."
Wadekar is best remembered for captaining the Indian team to a 1-0 series win in the Caribbean in 1971 and then beating England by the same margin later in the year.
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(Reporting by Sudipto Ganguly; editing by Peter Rutherford)
