@Vikram - Thanks for your response. Let me put it more pointedly - the issue is likely your leadership. Consider that the way to get teams to be self-motivated and directed is to inspire each team member individually. What you are describing is someone who is not highly motivated by your leadership, IMHO.
What to do? If he's worth saving (some people aren't, I'm a big believer in firing those who are bad apples, they corrupt entire companies), then take a real interest in him. I'd get him out of the office, to a lunch or something. Get to know him and what his goals and aspirations are and find out how this job and your company fits into that. The leadership training I do focuses on this and calls them "Enrollment Conversations" - which occur inside the other person's own personal narrative, not your's.
I also think people like this often need bigger challenges and may be good candidates for leadership positions (again, if you think the only problem is motivation, not if he is problematic personality or dysfunctional team member). You might want to give him a chance to fail at a leadership position and see if he steps up.
I hope this is helpful. I love that you are so open and engaged, it says something great about you as a leader that you are willing to set aside your ego and focus on solving the problem. Good luck!