Subrata Roy, the founder of the Sahara Group, died in Mumbai after a prolonged illness.
He was 75. He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) on Sunday following a decline in health.
Sahara India Pariwar said in a statement, “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.”
Born on June 10, 1948, in Bihar’s Araria, Subrata Roy established a vast empire that spanned various sectors including finance, real estate, media, and hospitality.
Subrata Roy completed his degree in mechanical engineering from the Government Technical Institute in Gorakhpur. He then ventured into business in Gorakhpur before taking over Sahara Finance in 1976. By 1978, he transformed it into Sahara India Pariwar, which became one of India’s largest conglomerates. The Sahara group launched Rashtriya Sahara- a Hindi language newspaper- in 1992 and later entered the television space with Sahara TV which was renamed Sahara One.
“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.
In 2014, the Supreme Court of India ordered Subrata Roy’s detention for failing to appear in court in connection with a dispute with the Securities and Exchange Board of India (SEBI). This led to a prolonged legal battle, which resulted in him spending time in Tihar Jail. He was eventually released on parole.
Samajwadi Party chief Akhilesh Yadav said in a post on X (formerly Twitter), “The demise of Subrata Roy ji is an emotional loss for Uttar Pradesh and the country because along with being a very successful businessman, he was also a very sensitive person with a big heart who helped countless people and became their support.”