Sahara Group’s Subrata Roy passed away at the age of 75 in Mumbai on Tuesday due to cardiorespiratory arrest. Roy was the founder and chairman of the Sahara India Pariwar, a conglomerate with diversified business interests. Born on June 10, 1948, in Bihar’s Araria, Subrata Roy played a significant role in building the Sahara Group into a major business entity.
According to the company statement, Roy passed away at 10.30 pm due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes. He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute in Mumbai on Sunday after his health deteriorated, it added.
“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,” Sahara India Pariwar said in a statement.
“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.
Sahara India Pariwar has interests in various sectors, including finance, real estate, infrastructure and housing, media and entertainment, tourism, and hospitality. The group has been involved in projects ranging from housing development to organising mega-events.
Roy studied mechanical engineering at the Government Technical Institute in Gorakhpur. He started his first business in Gorakhpur before taking over Sahara Finance, a chit-fund company, in 1976. By 1978, he had transformed it into Sahara India Pariwar, which grew to become one of India’s largest conglomerates.
In 2014, the Sahara boss, who had achieved remarkable success in life from a humble beginning, faced legal challenges with market regulator SEBI for some investment schemes that were later found to be illegal. He had to spend more than a year in jail after Sahara failed to comply with a court order to refund billions of dollars to investors. Roy was taken into custody after the Supreme Court ordered his detention for failing to appear in court in connection with the dispute with the Securities and Exchange Board of India.
Roy built the Sahara empire starting with Rs 2,000 and a Lambretta scooter in the late 1970s. He built a profile that brought the country’s prime minister, state chief ministers, actors, and cricketers to attend his extravagant parties.
