The award recognises his invaluable contribution to the Indian business community and exemplary leadership demonstrated over the years, Maruti Suzuki India said in a statement.
An IAS topper of 1956 batch, Bhargava was one of the founding members of Maruti in 1982. He led the company as Managing Director from 1990 to 1997.
Bhargava, who has been chairman of the country's largest car maker since 2007, also serves on the board of several leading corporates.
In November 2011, the Emperor of Japan had conferred the 'Order of the Rising Sun Gold and Silver Star' on Bhargava.