From son of a coffee planter to the Coffee King of India

News Network
July 31, 2019

He wanted to be an investment banker and had little interest in his family's coffee business. But a chat with the owners of German coffee chain, Tchibo, got V G Siddhartha to set up the Indian rival of Starbucks before debt and tax woes allegedly led him to end his life.

Siddhartha, the founder of India's biggest coffee chain, Cafe Coffee Day, was confirmed dead on Wednesday, days after he went missing. A purported letter written by him indicated that pressure from banks, investor and tax authorities drove him to end it.

Coming from a family that has a 140-year history of growing coffee, Siddhartha, around 60, initially dabbled in stock trading and wanted to work as an investment banker in Mumbai after completing his Master's degree in Economics from Mangalore University.

In 1984, he launched his own investment and venture capital firm Sivan Securities in Bangalore and began investing the profits from his start-up to buy coffee plantations in Karnataka's Chikmagalur district.

Around this time, he also began taking interest in his family's coffee business. In 1993, he set up a coffee trading company called Amalgamated Bean Company (ABC) with an annual turnover of over Rs 6 crore and over the years it increased to over Rs 2,500 crore.

Inspired by a chat with the owners of Tchibo, a German coffee chain, Siddhartha decided to open his own chain of cafes in a country that had no formative cultural grounding in cappuccinos. He opened Cafe Coffee Day's first outlet on Bangalore's upscale Brigade Road in 1994 with a tag line 'A lot can happen over a cup of coffee'.

It's now the largest chain of coffee shops in India, a nation of tea drinkers, with 1,750 cafes in more than 200 cities, including outlets in Prague, Vienna and Kuala Lumpur. Coffee Day went public in 2015.

Siddhartha currently has 200 exclusive retail outlets selling his brand of Coffee Day powder all over South India. ABC is also India's largest exporter of green coffee.

Expanding his business portfolio, Siddhartha ventured into IT sector and founded Global Technology Ventures Ltd that identifies invests and mentors technology companies.

He also entered the financial sector with investment firm Sivan Securities Private Ltd. The company has three subsidiaries - Chetan Wood Processing Pvt Ltd, hospitality business Barefoot Resorts and timber trading - Dark Forest Furniture Company.

In 1999, Siddhartha was roped in by IT veteran Ashok Soota when Subroto Bagchi, Rostow Ravanan and KK Natarajan were putting together IT firm Mindtree.

He was once the largest shareholder of Mindtree but decided to cash out. In March this year, he sold out his 20.41 per cent stake in MindTree to Larsen & Toubro (L&T), making close to Rs 2,858 crores profit. That deal helped him repay his debt of about Rs 2,900 crore.

Son-in-law of former Karnataka Chief Minister SM Krishna, Siddhartha found himself in trouble in September 2017, when the Income Tax (I-T) department conducted raids at over 20 locations linked to him.

Siddhartha reportedly had been witnessing rising debts, especially in the last few years.

His Coffee Day Enterprises Ltd had seen net loss widening to Rs 67.71 crore in the fiscal year ended March 31, 2018, from Rs 22.28 crore loss in the previous year. This despite revenues climbing 59 per cent to Rs 122.32 crore.

He was reportedly in talks to sell his real estate venture Tanglin Developments Ltd to New York-based private equity giant Blackstone Group.

The MindTree sale had vastly improved his financial condition and the real estate deal would have further cut his debt. He was also in talks to sell Coffee Day Enterprises, where he held 32.75 per cent stake, to Coca-Cola for as much as USD 1.45 billion.

And so his sudden disappearance from Jappinamogaru, which is very close to Netravathi river and three kilometres from the sea, on Monday evening has left questions unanswered.

A letter by him to the CCD Board claimed that he was being pressured by "one of the private equity partners" forcing him to buy back shares, a transaction he had partially completed six months ago by borrowing a large sum of money from "a friend".

The letter also talked about "harassment" by I-T Department official, who initially attached his shares in Mindtree.

The I-T Department on its part refuted the charges made out in the letter saying the signature on it does not match with the record available with it.

His wife, Malavika Hegde, with whom he has two children, is on the CCD board.

"Company is professionally managed and led by a competent leadership team, which will ensure continuity of business," the CCD Enterprise said in a regulatory filing.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 23,2026

Mangaluru: The Karnataka Government Polytechnic (KPT), Mangaluru, has achieved autonomous status from the All India Council for Technical Education (AICTE), becoming the first government polytechnic in the country to receive such recognition in its 78-year history. The status was granted by AICTE, New Delhi, and subsequently approved by the Karnataka Board of Technical Education in October last year.

Officials said the autonomy was conferred a few months ago. Until recently, AICTE extended autonomous status only to engineering colleges, excluding diploma institutions. However, with a renewed national focus on skill development, several government polytechnics across India have now been granted autonomy.

KPT, the second-largest polytechnic in Karnataka, was established in 1946 with four branches and has since expanded to offer eight diploma programmes, including computer science and polymer technology. The institution is spread across a 19-acre campus.

Ravindra M Keni, the first dean of the institution, told The Times of India that AICTE had proposed autonomous status for polytechnic institutions that are over 25 years old. “Many colleges applied. In the first round, 100 institutions were shortlisted, which was further narrowed down to 15 in the second round. We have already completed one semester after becoming an autonomous institution,” he said. He added that nearly 500 students are admitted annually across eight three-year diploma courses.

Explaining the factors that helped KPT secure autonomy, Keni said the institution has consistently recorded 100 per cent admissions and placements for its graduates. He also noted its strong performance in sports, with the college emerging champions for 12 consecutive years, along with active student participation in NCC and NSS activities.

Autonomous status allows KPT to design industry-oriented curricula, conduct examinations, prepare question papers, and manage academic documentation independently. The institution can also directly collaborate with industries and receive priority funding from AICTE or the Ministry of Education. While academic autonomy has been granted, financial control will continue to rest with the state government.

“There will be separate committees for examinations, question paper setting, boards of studies, and boards of examiners. The institution will now have the freedom to conduct admissions without government notifications and issue its own marks cards,” Keni said, adding that new academic initiatives would be planned after a year of functioning under the autonomous framework.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 23,2026

Karnataka Governor Thaawarchand Gehlot read only three lines from the 122-paragraph address prepared by the Congress-led state government while addressing the joint session of the Legislature on Thursday, effectively bypassing large sections critical of the BJP-led Union government.

The omitted portions of the customary Governor’s address outlined what the state government described as a “suppressive situation in economic and policy matters” under India’s federal framework. The speech also sharply criticised the Centre’s move to replace the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with the Viksit Bharat–Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, commonly referred to as the VB-GRAM (G) Act.

Governor Gehlot had earlier conveyed his objection to several paragraphs that were explicitly critical of the Union government. On Thursday, he confined himself to the opening lines — “I extend a warm welcome to all of you to the joint session of the State legislature. I am extremely pleased to address this august House” — before jumping directly to the concluding sentence of the final paragraph.

He ended the address by reading the last line of paragraph 122: “Overall, my government is firmly committed to doubling the pace of the State’s economic, social and physical development. Jai Hind — Jai Karnataka.”

According to the prepared speech, the Karnataka government demanded the scrapping of the VB-GRAM (G) Act, describing it as “contractor-centric” and detrimental to rural livelihoods, and called for the full restoration of MGNREGA. The state government argued that the new law undermines decentralisation, weakens labour protections, and centralises decision-making in violation of constitutional norms.

Key points from the unread sections of the speech:

•    Karnataka facing a “suppressive” economic and policy environment within the federal system

•    Repeal of MGNREGA described as a blow to rural livelihoods

•    VB-GRAM (G) Act accused of protecting corporate and contractor interests

•    New law alleged to weaken decentralised governance

•    Decision-making said to be imposed by the Centre without consulting states

•    Rights of Adivasis, women, backward classes and agrarian communities curtailed

•    Labourers allegedly placed under contractor control

•    States facing mounting fiscal stress due to central policies

•    VB-GRAM (G) Act accused of enabling large-scale corruption

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 31,2026

Roy.jpg

Bengaluru: The shooting incident involving CJ Roy, founder of the Confident Group, has once again put the spotlight on a businessman whose life has swung between flamboyant global success and persistent controversy at home.

Though Roy’s business interests extended across continents, his roots lay firmly in Karnataka. An alumnus of Christ School in Bengaluru, he later moved to Tumakuru to pursue an engineering degree. Those familiar with his early years describe him as intensely ambitious, beginning his career as a salesman at a small electronics firm dealing in computers.

Roy’s entry into large-scale real estate came through the Crystal Group, where he worked closely with Latha Namboothiri and rose from manager to director. However, the launch of the Confident Group in 2005 was clouded by industry speculation. Insiders speak of a fallout involving alleged “benami” properties and claims of deception that ultimately led to his independent venture—an episode Roy spent years trying to distance himself from, according to associates.

A tale of two cities

Roy’s professional trajectory diverged sharply across geographies.

In Dubai, he built a reputation as a bold and efficient developer, completing massive luxury residential projects in record time—some reportedly within 11 months. His rapid project delivery and lavish lifestyle in the Emirates earned him admiration and visibility in the real estate sector.

In Bengaluru, however, his image remained far more fractured. Sources say Roy stayed away from the city for several years amid disputes over unpaid dues to vendors and suppliers. Several projects were allegedly stalled, with accusations of unfulfilled commitments to cement and steel suppliers continuing to follow him.

Roy’s return to Bengaluru’s business and social circles began around 2018, marked by a conscious attempt at rebranding. His appointment as Honorary Consul of the Slovak Republic added diplomatic legitimacy, which he complemented with visible CSR initiatives, including ambulance donations and high-profile charity events.

Heavy police presence in Langford Town

Following the incident, police personnel from the Central division were deployed outside the Confident Group building in Langford Town, which also houses the Slovak Honorary Consulate in Bengaluru.

The otherwise busy premises near Hosur Road wore a deserted look on Friday, reflecting the shock and uncertainty that followed the tragedy.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.