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Agence France-Presse

Police say fishermen found the body of a Indian coffee tycoon VG Siddhartha in a river two days after he disappeared.
The founder of the Cafe Coffee Day chain that beat Starbucks at its own game in India was last seen on Monday night walking across a bridge in the southern state of Karnataka. His chauffeur alerted police when Siddhartha did not return.
Police divers, backed by local fishermen, searched the Netravati river near Mangaluru while senior Karnataka politicians flocked to the tycoon’s home.

Shares in the coffee chain fell 20 per cent as worries over the company grew and its board held an emergency meeting.
Coffee Day Enterprises said directors had discussed a letter to the board purportedly signed by the 57-year-old chairman in which he admitted mistakes handling his affairs.
“I am very sorry to let down all the people that put their trust in me,” said the letter, which was released by the company.
“I fought for a long time but today I have given up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares.”

He also said he had faced “a lot of harassment” from the Indian tax authorities.
“My intention was never to cheat or mislead anybody, I have failed as an entrepreneur,” he declared in the letter, which was dated July 27.
Siddhartha’s family has been in the coffee business for more than 130 years.
On taking it over, he set up the Cafe Coffee Day chain in 1996 and also became one of the world’s biggest coffee traders, as well the as owner of Asia’s biggest coffee plantation.
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Siddhartha owned about 12,000 hectares of plantations and his Amalgamated Bean Company (ABC) is India’s largest exporter of green coffee.
Cafe Coffee Day has more than 1,700 stores, mainly in India, but also in Malaysia, Egypt, Czech Republic and Austria. US giant Starbucks has so far managed to open just over 150 stores in India.
Siddhartha married a daughter of SM Krishna, a former foreign minister and chief minister of Karnataka, making him one of the country’s best-connected tycoons.
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But his empire came under pressure after the tax authorities launched raids on company offices in several cities in 2017.
Reports said Siddhartha was in talks with Coca-Cola about selling a major stake.
Siddhartha left Bangalore on Monday night at first telling his family he was going to the hill resort of Sakleshpur, reports said.
Police say he told his driver to go to Mangaluru instead.
The driver was ordered to stop on a bridge near Mangaluru and he got out while talking on the telephone.


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epa07748365 People walk near the logo of a Cafe Coffee Day, India's Largest cafe chain in New Delhi, India, 30 July 2019. According to a news report, VG Siddhartha, the founder of India's largest Coffee chain Cafe Coffee Day (CCD) has gone missing from a bridge near Mangaluru in Karnataka since 29 July. EPA-EFE/RAJAT GUPTA

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This Thursday, March 29, 2018 photo shows a cup of coffee at a cafe in Los Angeles. A 10-year study released on Monday, July 2, 2018 shows that coffee drinkers had a lower risk of death than abstainers, including those who downed at least eight cups daily. The benefit was seen with instant, ground, decaf, and in people with genetic glitches affecting how their bodies use caffeine. (AP Photo/Richard Vogel)

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The founder of the Cafe Coffee Day chain was last seen on Monday night walking across a bridge in the southern state of Karnataka
The company said directors had discussed a letter to the board purportedly signed by VG Siddhartha, in which he admitted mistakes handling his business affairs



VG Siddhartha, the founder of Cafe Coffee Day, was believed to have sent his company board a letter in which he admitted mistakes handling his business affairs.


Food and Drinks

Coffee