"A glorious tribute to a great human and a large pillar of the Indian film industry... Pran... the Dadasaheb Phalke award by the state," the 70-year-old tweeted.
Together, Big B and Pran have worked in films like Sharaabi, Amar Akbar Anthony, Zanjeer and Don.
The arch villain of Bollywood, Pran Krishan Sikand - or Pran as he is popularly known, was Friday named for the Dadasaheb Phalke award.
The actor turned 93 in February.
Pran acted in over 400 movies in a career spanning over six decades and played a vast range of roles -- from a hero to a villain to a character artist. He became popular with his roles in Madhumati, Ziddi, Ram Aur Shyam and Zanjeer.