Apart from the two, acclaimed Tamil music director Ilaiyaraaja was also awarded the SD Burman Award for Musical Excellence whereas Marathi actor Sachin Pilgaonkar was felicitated for his 50 long years in cinema.
The festival saw Bollywood actress Rani Mukerji and Ambassador of Iceland to India Gudmundur Eiriksson as the guests of honour. The actress clad in a Pink sari looked stunning.
The catalogue for the eight-day long extravaganza was also released on its inauguration day.
Amitabh Bachchan wrote on his Twitter account, "Meeting Rani Mukherji and SriRam Lagoo and Asha ji after such a long time.. always a joy.. (sic)".
He also posted, "On stage meeting the great SrRamLagoo, played such important roles with me. And the lovely Rani Mukherji, pretty and bubbly as ever (sic)".
"Pune International Film Festival honors me for contribution to Cinema.. Just finished now boarded for Mumbai.. Came in an hour ago (sic)"
On the other hand, Asha Bhosle sang a couple of lines from her Tamil songs along with Ilaiyaraaja.
This year the festival will witness screening of around 250 films.