A nodal industrial device for time synchronization in an industrial network, wherein the nodal industrial device is one of a first set of industrial devices (102-1,102-2,...,102-N) and is connected to a second device from amongst a second set of industrial devices (104-1, 104-2,... 104-N), with the first set of industrial devices supporting a primary time synchronization protocol, and the second set of industrial devices supporting at least one other time synchronization protocol which is different from the primary time synchronization protocol and with the nodal industrial device supporting the primary time synchronization protocol and the other time synchronization protocol, the nodal industrial device comprising: a processor; an input interface coupled to the processor, wherein the input interface is to communicatively couple the nodal industrial device with a first time master corresponding to the primary time synchronization protocol and a second time master corresponding to the second time synchronization protocol; a time synchronization module coupled to the processor, wherein the time synchronization module is configured to: obtain time references, wherein the time references are obtained from one of the first time master and any one of the devices from amongst the first set of industrial devices, and from at least the second time master; select a principal time reference from amongst the obtained time references; correlate the plurality of time references based on the principal time reference; a communication module to: control communication related to time synchronization with the second time master based on correlation between the principal time reference and the other time references; wherein the time synchronization module for controlling synchronization related communication with the second time master, is configured to further: translate time reference obtained from the second time master based on the correlation of the principal time reference to obtain a translated reference; providing the translated reference to the industrial device within the second set of industrial devices for time-related synchronization; and further disable synchronization related communication with the second time master in response to obtaining the translated reference; or wherein the time synchronization module is configured to further control the communication pertaining to one of the time synchronization protocols by: updating a message exchange rate for synchronization related communication with the second time master; and rescheduling traffic pertaining to the time synchronization operation in conformance with the updated message exchange rate. a processor; an input interface coupled to the processor, wherein the input interface is to communicatively couple the nodal industrial device with a first time master corresponding to the primary time synchronization protocol and a second time master corresponding to the second time synchronization protocol; a time synchronization module coupled to the processor, wherein the time synchronization module is configured to: obtain time references, wherein the time references are obtained from one of the first time master and any one of the devices from amongst the first set of industrial devices, and from at least the second time master; select a principal time reference from amongst the obtained time references; correlate the plurality of time references based on the principal time reference; a communication module to: control communication related to time synchronization with the second time master based on correlation between the principal time reference and the other time references; obtain time references, wherein the time references are obtained from one of the first time master and any one of the devices from amongst the first set of industrial devices, and from at least the second time master; select a principal time reference from amongst the obtained time references; correlate the plurality of time references based on the principal time reference; a communication module to: control communication related to time synchronization with the second time master based on correlation between the principal time reference and the other time references; translate time reference obtained from the second time master based on the correlation of the principal time reference to obtain a translated reference; providing the translated reference to the industrial device within the second set of industrial devices for time-related synchronization; and further disable synchronization related communication with the second time master in response to obtaining the translated reference; or wherein the time synchronization module is configured to further control the communication pertaining to one of the time synchronization protocols by: updating a message exchange rate for synchronization related communication with the second time master; and rescheduling traffic pertaining to the time synchronization operation in conformance with the updated message exchange rate. updating a message exchange rate for synchronization related communication with the second time master; and rescheduling traffic pertaining to the time synchronization operation in conformance with the updated message exchange rate.