Subrata Roy, founder of Sahara Group, dies at 75 after prolonged illness.
Subrata Roy, the founder of Sahara Group, passed away at the age of 75 on November 14, 2023, in Mumbai, following a prolonged illness. The Sahara group stated that he succumbed to cardiorespiratory arrest after battling complications from metastatic malignancy, hypertension, and diabetes. Roy, born on June 10, 1948, in Bihar, established Sahara India Pariwar, a conglomerate that thrived across finance, real estate, media, and hospitality.
Beginning with a struggling chit fund company, Sahara Finance, in 1976, Roy transformed it into Sahara India Pariwar by 1978. Under his leadership, the group expanded into various sectors, launching Rashtriya Sahara newspaper, the Aamby Valley City project, and Sahara TV. In the 2000s, Sahara gained international attention with acquisitions like Grosvenor House Hotel in London and Plaza Hotel in New York City.
Roy faced legal challenges, notably in 2014 when the Supreme Court ordered his detention in connection with a dispute with SEBI. The case revolved around SEBI's demand for Sahara to refund billions to investors. Despite legal battles and time spent in Tihar Jail, Roy continued to receive accolades, including an honorary doctorate and the Business Icon of the Year award.
Sahara India Pariwar, once considered the second-largest employer in India, faced challenges, but Roy's contributions to the business world remained notable. In his later years, he ventured into electric vehicles with Sahara Evols and aimed to enter the online education sector with Edunguru, focusing on small towns and villages.