Shivinder M Singh, the executive vice-chairman of Fortis Healthcare Limited, has joined the Radha Soami Satsang Beas (RSSB) sect.
The RSSB describes itself as "a philosophical organisation based on the spiritual teachings of all religions".
Fortis is one of India's largest healthcare providers with interests in India, Dubai, Mauritius and Sri Lanka.
"Having spent almost two decades setting up and running Fortis, our mission of saving and enriching lives is an integral part of my being. Over time this has inspired me to do more direct service and give back to society a little of what I have received in abundance," Mr Singh was quoted as saying in a press release issued by Fortis.
"A short while ago, I requested for sewa (service) at Radha Soami Beas, headquartered near Amritsar and I am fortunate to have been accepted."
Mr Singh would continue to be associated with the company though in a non-executive role, the release added.
Mr Singh's elder brother Malvinder Singh, who will now take over running of the company, said that his sibling's decision had his "full support".
Together, the Singh family owns 71% of the company with their stake valued at $848m (£555m).
The RSSB has a large following in northern India, says the Economic Times newspaper.
According to the organisation's official website, it "aims to build on the primary spiritual practice of meditation".
Members are vegetarian, abstain from alcohol and recreational drugs, and are expected to lead a life of "high moral values".
Prominent followers include Bollywood actor Shahid Kapoor.
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