Sahara India group chief Subrata Roy Sahara, who had been battling multiple health issues, passed away at a private hospital in Mumbai late Tuesday, November 14 night.
A business baron who started off with a chit fund business in the late 1970s, at the peak of his success, Mr. Roy prevailed over an empire that included an airline, Air Sahara, television channels, finance and real estate, including the ambitious Amby Valley project near Lonavala in Maharashtra.
The Sahara group was once considered India’s second largest employer after the Indian Railways, with a professed employee base of around 1.2 million, but ran into trouble with financial sector regulators over the business model of its finance entity that involved raising deposits worth thousands of crores from small-ticket investors.
