Mumbai: Sahara Group founder and Chairman Subrata Roy died today at a Mumbai hospital after battling a long illness, the company said in a statement. He was 75. Subrata Roy is survived by wife Swapna Roy and two sons, Sushanto Roy and Seemanto Roy, who live abroad.
Born in Bihar’s Araria in 1948, Subrata Roy’s success story of starting Sahara India Pariwar began in 1978. Starting with a capital of only Rs 2,000, the company has traversed a long way to become a frontrunner in entrepreneurship, Sahara says on its website.
His family later moved from Bihar to Gorakhpur in Uttar Pradesh. Subsequently, Subrata Roy shifted to Lucknow in the 1990s and made the city the headquarters of his group.
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”.
Sahara in the statement today said Subrata Roy died of a cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes.
He was admitted to Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute in Mumbai on Sunday after his health deteriorated. “His loss will be deeply felt by the entire Sahara India Pariwar,” the company said.
“Sahara India Pariwar is committed to upholding Saharasri’s legacy and will continue to honour his vision in driving our organisation,” the company said.
