Subrata Roy, the founder of the Sahara Group, passed away in Mumbai at the age of 74

Sahara Group founder Subrata Roy, 74, passed away in Mumbai on Tuesday night following a protracted illness. After being admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday, complications from diabetes, hypertension, and metastatic cancer led to his death by cardiorespiratory arrest.

Roy was receiving treatment at Kokilaben Dhirubhai Ambani Hospital

The Sahara group released a statement stating that after a protracted fight with complications from metastatic cancer, hypertension, and diabetes, inspirational leader and visionary Saharasri ji passed away on November 141, 2023, at 10.30 pm from cardiorespiratory arrest. After his health began to deteriorate, he was taken to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) on November 12, 2023.

Roy, who was born in Araria, Bihar, on June 10, 1948, rose to prominence in the Indian business world by building a massive empire that included the banking, real estate, media, and hospitality sectors.

Roy pursued his graduation in Gorakhpur

Roy's journey began when he graduated from the Government Technical Institute in Gorakhpur with a degree in mechanical engineering. Before taking over Sahara Finance, a struggling chit fund company, in 1976, he engaged in business in Gorakhpur. By 1978, he had transformed it into Sahara India Pariwar, which grew to be one of India's biggest holding companies.

Roy oversaw Sahara's expansion into a number of industries. Initiating the ambitious Aamby Valley City project near Pune in the late 1990s, the group also entered the television space with Sahara TV, which was later renamed Sahara One. The group started Rashtriya Sahara, a Hindi-language newspaper, in 1992.

Acquired businesses in Abroad

The acquisition of renowned properties like the Grosvenor House Hotel in London and the Plaza Hotel in New York City by Sahara in the 2000s earned international attention.

India's Sahara With 1.2 million employees, Pariwar was once praised by Time magazine as the second-largest employer in India, behind Indian Railways. With over 9 crore investors, the group claimed to have a substantial share of Indian households.

Roy encountered legal issues in 2014

Roy encountered legal issues in spite of his commercial achievements. His detention was ordered by the Supreme Court of India in 2014 because he had neglected to show up for court in relation to a dispute with the Securities and Exchange Board of India (SEBI). Due to a protracted legal battle, Roy was eventually granted release from prison after serving time in Tihar Jail. The Supreme Court established a "Sahara-Sebi refund account" for investors in response to SEBI's demand that Sahara return billions of dollars to them.

Roy made in the list of country's most influential individuals

Roy made significant contributions to the business world despite his legal issues. Among the many honors bestowed upon him were the London Powerbrands Hall of Fame Awards' Business Icon of the Year title and an honorary doctorate in business leadership from the University of East London. Additionally, he was frequently listed among India Today's list of the country's most influential individuals.

Also read: Rajasthan Election 2023: PM Modi gears up for massive rally in Barmer, Intense Congress – BJP battle ahead

In his later years, Roy focused on the future, launching businesses like Sahara Evols, which sold a variety of electric cars, and he had plans to launch Edunguru, an online education platform that would primarily target small towns and villages.

OTT India updates you with the latest news, Country’s no.1 digital news platform OTT India, Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device.