Tycoon’s Death in a River Lays Bare India’s Mounting Debt Crisis
- Coffee Day founder’s body retrieved after extensive search
- V.G. Siddhartha lamented pressure from lenders and investors
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Even before the body of coffee-chain tycoon V.G. Siddhartha was recovered from a river in southern India this week, the financial strains that appear to have led him to take his own life were beginning to emerge.
A letter purportedly written and signed by Siddhartha and sent to senior management of Coffee Day Enterprises Ltd. laid out in stark words his struggles with a “serious liquidity crunch” that in turn had led to “tremendous pressure” from lenders and an unnamed private-equity investor.