Early reports said Surinder shot himself accidentally while he was cleaning his firearm, but police are yet to verify the claim.
Surinder was brought in an injured condition to a hospital here, some 350 km from Chandigarh, where doctors pronounced him dead.
His driver too sustained bullet injuries.
IFFCO (Indian Farmers Fertiliser Co-operative Ltd.) is a state-run fertiliser major.
Surinder Jakhar's younger brother Sunil is a Congress legislator in Punjab.
Surinder's family members and Congress activists have rushed to the hospital here.