VG Siddhartha, the founder of India's largest Coffee chain Cafe Coffee Day who also owns Asia's single-largest coffee estate died early morning and his mystery is also ended with the reports. The 36-hour suspense following the mysterious disappearance of the founder of India's largest Coffee chain Cafe Coffee Day ended on Wednesday morning when fishermen found his body in the backwaters of the Nethravathi river at Hoige Bazaar according to TV reports on Wednesday. VG Siddhartha's body was found at around 6:30 am by a couple of fishermen who were preparing their country boat for the day's fishing trip. The body has been sent to Wenlock government hospital for post-mortem.
In a letter purportedly written by Siddhartha to the directors of Coffee Day Enterprises, a company he founded, the entrepreneur apologised for letting down people and cited pressure from private equity investors and harassment by tax authorities.
VG Siddhartha, the founder of India's largest coffee chain, went missing on Monday night en route to the coastal Karnataka city of Mangaluru, with a letter purportedly written by him showing he was under "tremendous pressure" from lenders and one of the private equity partners (PEs). The letter also alleged "a lot of harassment" from tax authorities.
The Dakshina Kannada police have launched a massive search for him involving teams of the National Disaster Response Force(NDRF) Coast Guard, Home Guard, fire services and coastal police had continued throughout Tuesday. Search teams had scoured the waters under a bridge across the Nethravathi river near Mangaluru where the 60-year-old businessman was reportedly last seen.
The news of Siddhartha's disappearance has spread like wildfire across Karnataka and hundreds of his relatives and friends have gathered at his father-in-law and former Karnataka CM SM Krishna's house in Bengaluru.
He opened Cafe Coffee Day's first outlet on Bangalore's upscale Brigade Road in mid 1990s, which has now become an international brand. He recently sold his stake in a software company Mindtree for about Rs 3,000 crore. He was recently in the news for being in talks with Coca-Cola to sell CCD.
His chain of companies employ over 30,000 people across India.
Coffee Day Enterprises is the holding company and the key companies of the group include Coffee Day Global Ltd (coffee business), Sical Logistics Ltd (integrated logistics), Tanglin Developments Ltd (real estate), Way2Wealth (financial services) and Coffee Day Hotels and Resorts Ltd (hospitality). In FY18, on a consolidated basis, the company reported a net profit of₹148.25 crore on an operating income of ₹3,788 crore.