New Delhi (CNN Business)The head of India’s biggest coffee chain has gone missing.

Coffee Day Enterprises, the company that owns the Café Coffee Day chain, said on Tuesday that its chairman, V.G. Siddhartha, had “not been reachable” since the previous evening. Indian police believe Siddhartha left the southern Indian city of Bangalore on Monday and traveled by car to Mangalore about 220 miles away, Mangalore police commissioner Sandeep Patil told CNN Business. Patil said police believe the executive left his car to walk on a bridge over the Netravati river, near where it flows into the Arabian Sea. The coast guard and local fishing boats are searching the river, he added.Siddhartha founded Coffee Day in 1993, and opened the first Café Coffee Day in the southern Indian city of Bangalore three years later. The company has since grown into India’s biggest coffee chain, with over 1,700 outlets across 245 Indian cities as of last year. Read MoreGlobal rival Starbucks (SBUX), in comparison, currently has 146 outlets in India.Shares in Coffee Day Enterprises plunged 20% to a record low on the Bombay Stock Exchange on Tuesday following the news of its founder’s disappearance. China's Luckin Coffee is taking on Starbucks in more big markets  China's Luckin Coffee is taking on Starbucks in more big markets  China's Luckin Coffee is taking on Starbucks in more big markets “We are taking the help of concerned authorities,” Coffee Day Enterprises said in a statement. “[The company] is professionally managed and led by [a] competent leadership team, which will ensure continuity of business,” it added.The company could not immediately be reached for further comment. Siddhartha owns 33% of Coffee Day Enterprises, according to a stock exchange filing last month, while his wife and family-owned entities hold another 21%. The company went public in 2015.Coffee Day also has retail outlets in Austria, the Czech Republic, Egypt, Malaysia and Nepal, and exports coffee to several markets including North America, Europe and the Middle East.

Source Link:
https://www.cnn.com/2019/07/30/business/vg-siddhartha-coffee-day-india-missing/index.html

[-0.465423]

Comments

comments

Advertisement