Coffee baron VG Siddhartha, the founder of India's iconic chain Cafe Coffee Day, is missing
- VG Siddhartha is reportedly missing near Netravati River in Mangalore since Monday night.
- The development came in after the Mangalore City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal.
- Siddhartha reportedly faced a cash crunch earlier this year after the default by infrastructure lending giant IL&FS, which forced him to sell stake in the IT firm
The development came in after the Mangalore City Police started a search operation at 9 pm to look for a man who might have jumped off a kilometer-long bridge in Ullal. According to the report, Siddhartha may be the missing 'man' since he reached Mangaluru at 8 pm in his SUV and ask the driver to drop him at the bridge in Ullal.
The 58-year-old entrepreneur was in talks with Coca-Cola to sell considerable stake in his coffee chain. The deal was supposed to be closed by the end of March 2020.
VG Siddhartha came from a coffee-growing family, which owned 15,000 acres of coffee estate in
The coffee baron had reportedly been cornered by a cash crunch after the default by infrastructure lending giant IL&FS triggered a liquidity crisis in the country. Siddhartha had to sell his 20.4% stake in the IT firm Mindtree to L&T against the wishes of Mindtree’s founders who Siddhartha had backed since 1999.
L&T takes over Mindtree in Indian IT’s first-ever hostile acquisition
Mindtree takeover battle: L&T deals the first blow buying coffee baron VG Siddhartha's stake
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