Founder V.G.Siddhartha of the Coffee Day Group allegedly committed suicide late on Monday. Since Monday night, he has been missing after driving to Mangaluru in his Innova car, stopping halfway at Ullal bridge, and abandoning the vehicle.
The driver disclosed that Siddhartha was on a phone call when he got off the vehicle. Police are attempting to figure out who was talking to the CCD founder, reports say. Since then, he has been unavailable. The conditions in which he was missing gave rise to suspicions that he could have taken the extreme move.
The businessman supposedly told his driver to stop the vehicle as they walked across the bridge across the Nethravathi River and requested him to keep going, and he’d walk for a while. The driver attempted to reach Siddhartha on his phone when he did not return even after some moment, which had been turned off by then. The river’s police, revenue authorities, and specialist swimmers conduct search activities on the premise that he may have jumped/fallen into the river.
It may be recalled that Siddhartha lately withdrew from his investments in the Bengaluru-based IT services business Mindtree by discharging 20.4 percent of the stake held by him and his colleagues to Rs 980 per share in favor of L&T.
Recently the coffee entrepreneur was in talks with Coca Cola offering a stake in the coffee retail business to the multinational giant. His coffee retail business was expected to close the year ending March 2020 with revenues of about Rs 2250 crore.