Sahara Group founder Subrata Roy dies in Mumbai

Subrata Roy, the founder of the Sahara Group, died in Mumbai after a prolonged illness. He was 75. He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) on Sunday following a decline in health.Sahara India Pariwar said in a statement, “It is with profound sadness that Sahara India Pariwar informs the demise of our Hon’ble ‘Saharasri’ Subrata Roy Sahara. Saharasri ji an inspirational leader and visionary, passed away on 14th November 2023 at 10.30 pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.”

His loss will be deeply felt by the entire Sahara India Pariwar. Saharasri ji was a guiding force, a mentor, and a source of inspiration for all who had the privilege to work alongside him,” the group said.Under Roy's leadership, Sahara expanded into numerous businesses. The group launched the Hindi language newspaper Rashtriya Sahara in 1992, initiated the ambitious Aamby Valley City project near Pune in the late 1990s, and entered the television space with Sahara TV, later renamed Sahara One. In the 2000s, Sahara made international headlines with the acquisition of iconic properties such as London's Grosvenor House Hotel and New York City's Plaza Hotel.Sahara India Pariwar was once hailed by Time magazine as the second-largest employer in India after Indian Railways, boasting a workforce of around 1.2 million people. The group claimed to have more than 9 crore investors, representing a significant portion of Indian households. He was also a IPL team owner which owned the Pune Warriors India franchise.However, Sahara faced a multitude of problems over funds in a case that has now come to be known as the "Sahara chit fund scam".