Subrata Roy Obituary – Death: founder of Sahara Group died today
On Wednesday, November 14, Subrata Roy, the visionary founder of Sahara India Pariwar, passed away at the age of 75, marking the end of an era in the Indian business landscape. After an extensive period of medical treatment in a private hospital in Mumbai, Roy bid farewell, leaving an indelible mark on India’s financial, real estate, media, and hospitality sectors.
Born on June 10, 1948, in Araria, Bihar, Roy emerged as a key figure in Indian business, building a vast empire that spanned various industries. Initially educated in mechanical engineering at the Government Technical Institute in Gorakhpur, he started his journey by taking over Sahara Finance, a struggling chit fund company, in 1976. By 1978, he transformed it into Sahara India Pariwar, one of India’s largest conglomerates.
Under Roy’s leadership, Sahara diversified into numerous sectors, including media with the launch of Hindi newspaper Rashtriya Sahara in 1992, the Aamby Valley City project near Pune in the late 1990s, and the television industry with Sahara TV, later rebranded Sahara One. In the 2000s, Sahara made global headlines with significant acquisitions like London’s Grosvenor House Hotel and New York City’s Plaza Hotel.
Despite legal challenges, including a 2014 Supreme Court order for his detention related to a dispute with the Securities and Exchange Board of India (SEBI), Roy continued making contributions. The legal battle resulted in his imprisonment at Tihar Jail and subsequent release on parole. The case centered on SEBI’s demand for Sahara to refund billions to investors, leading to the establishment of a “Sahara-Sebi refund account” by the Supreme Court.
Roy received numerous accolades, including an honorary doctorate in business leadership from the University of East London and the Business Icon of the Year award at the Powerbrands Hall of Fame Awards in London. His name frequented the India Today list of the country’s most powerful individuals.
In later years, Roy embraced new ventures such as Sahara Evols, offering electric vehicles, and plans to enter the online education sector with Edunguru, targeting small towns and villages.
Subrata Roy’s life was characterized by remarkable achievements and notable controversies. His legacy, as a once highly influential businessman, will endure through the Sahara Group, impacting millions across the nation. As the Sahara family mourns its founder, Subrata Roy’s visionary spirit and entrepreneurial legacy will resonate for years to come.