Baba Siddique, who was known for throwing lavish parties, was shot multiple times outside his son's office in the country's financial capital on Saturday evening, police said.

The 66-year-old was taken to Lilavati Hospital but could not be saved.

Two suspected attackers have been arrested, while police are searching for another, India's Press Trust news agency reported.

Two suspects claimed they were part of a crime gang that has carried out multiple killings in the past, TV station NDTV said.

While Mr Siddique had been associated with the Indian National Congress party for decades, he joined the Nationalist Congress Party (NCP) in February of this year.

He was a member of the legislative assembly in the state of Maharashtra for three consecutive terms, beginning in 1999.

He also served as a minister.

Elections in Maharashtra are due to be held next month.

Ajit Pawar, Maharashtra's deputy chief minister, said the killing of his NCP colleague would be "thoroughly investigated" and "strict action" taken against the attackers.

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Mr Pawar said five teams have been dispatched to various states to investigate the murder of Mr Siddique, The Times of India reported.

A state funeral will reportedly be held for him.