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Sharma was suffering from cancer and was ailing for some time.
“He died at 8.16 PM at Goa. His last rites would be done in Delhi on Friday, as the body is being brought from Goa,” his son Samir told PTI.
A close aide of former prime minister Rajiv Gandhi, Sharma was Union Minister of Petroleum and Natural Gas from 1993 to 1996 in the Narasimha Rao government.
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A three-time Lok Sabha MP who represented Rae Bareli and Amethi constituencies, Sharma was a Rajya Sabha member for three terms representing the states of Madhya Pradesh, Uttarakhand and Uttar Pradesh.
He first became a member of Rajya Sabha in June 1986 and was later elected to the Lok Sabha from Amethi in 1991 after the death of Rajiv Gandhi.
He was later a member of Rajya Sabha from July 2004 to 2016.
Sharma is survived by his wife, a son and a daughter.
Senior Congress leader Randeep Surjewala expressed condolences to Sharma’s family.
“Deeply saddened at the demise of Capt. Satish Sharma, Former Union Minister.Capt. Sharma epitomised dedication and loyalty. Condolences to the family and friends,” he tweeted.