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The former India and Mumbai opener was admitted to the Breach Candy Hospital where he breathed his last at 6.09 am, his son Vaman Apte told PTI.
Madhav Apte played seven Tests in which he scored 542 runs, with a lone hundred and three fifties to his credit. His highest score was 163 not out.
He had a much better first class record where he scored 3,336 runs from 67 matches, including six hundreds and 16 fifties. His highest first class score was 165 not out.
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In his debut Test, he made 30 and 10 not out, respectively.
He was the first Indian opener to aggregate over 400 runs in a Test series (460 runs against West Indies in 1953).
He also captained Mumbai in domestic cricket.
Madhav Apte was assigned as the opening batsman by legendary Vinoo Mankad.
He played along with several legendary cricketers, including Mankad, Polly Umrigar, Vijay Hazare and Rusi Modi.
He earlier also served as president of the iconic CCI, an official said.
Till his last breath, he was president of the ‘Legends Club’, a group formed to celebrate the achievements of different sportspersons.
Former Mumbai cricketer Shishir Hattangadi took to Twitter to offer his condolences.
“Another institution of Bombay and Mumbai Cricket comes to an end. RIP Madhav Rao Apte. Will treasure those long discussions with you cricket from your days!” he tweeted.
“Madhav Apte had a bag of stories. From Vinoo Mankad to his buddy Subhya Fergie Gupte. To listen to him was rewinding cricket history. Dignified affable yet accessible as senior. Passing Pedder Road and Woodland Apartments each time will bring back memories with a smile.#RIP, Hattangadi said in another tweet.