A month after VG Siddhartha's demise, CCD founder's father passes away
Gangaiah Hegde passed away in Mysuru after prolonged illness.
By ET Online and Agencies | Updated:
BCCL
During the 2017 I-T raid, VG Siddhartha (L) was tending to his 94-year-old father Gangaiah Hegde (R) who was in frail health.
MYSURU (KARNATAKA): Gangaiah Hegde, father of Cafe Coffee Day founder late VG Siddhartha, passed away following prolonged illness at a Shanthaveri Gopala Gowda hospital here today.
The 96-year-old coffee planter’s wife Vaasanthi, daughter-in-law Malavika and two grandchildren were by his side when he breathed his last. Gangaiah was admitted to the hospital over a month ago and he had not been informed of his son Siddhartha’s death on July 29 because of his age and medical condition. A couple of days before his death, Siddhartha had visited his father at the hospital.
Hegde’s mortal remains were brought to his village in Mudigere taluk of Chikkamagaluru district around 4pm Sunday. According to the relatives of the deceased, the cremation will take place in Chikmagalur on Monday. The final rites will take place at the family estate in Gauthahalli village around 11am Monday. Police sources said Siddhartha’s in-laws — former Karnataka CM SM Krishna and wife Prema — and other close relatives will attend the obsequie
In 2017, the I-T department had carried out raids at around 20 properties linked to Siddhartha at Bengaluru, Chikkamagaluru, Mumbai and Chennai. According to sources, these raids shattered Siddhartha, who at that point was tending to his father who was in frail health.
Hegde passed away nearly a month after his son Siddhartha's demise.
Gangaiah Hegde passed away nearly a month after his son Siddhartha's demise.
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Siddhartha went missing on July 29 from the Netravati Bridge, later he was found dead on the banks of Netravati River near Hoige Bazaar in Mangaluru on July 31.
Staying true to the family's coffee-related heritage of over 130 years, reports say that Gangaiah Hegde started out as a coffee planter at an estate in the Chikmagalur district of Karnataka.
He quickly turned it into a successful business and was revered in the local community.
(With inputs from ANI)
Remembering VG Siddhartha, The Man Who Introduced Coffee Culture In India
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The disappearance and demise of Café Coffee Day owner VG Siddhartha left the country in shock. On Saturday, the coffee tycoon wrote a letter addressed to his 'Coffee Day' family where he apologised to them for failing as an entrepreneur and opened up about the pressure he had been dealing with. On Monday he went missing from Mangaluru, and 36 hours later his body was recovered by the fishermen in the city's Hoige Bazaar.
The tragic episode saw tributes pour in for the billionaire businessman, whose 'A lot can happen over a coffee' idea brought enthusiasts closer and sparked the trend of coffee dates in India.
Despite running a mega empire, the camera-shy 60-year-old tycoon preferred to stay away from the limelight and mostly maintained a low-profile.
The disappearance and demise of Café Coffee Day owner VG Siddhartha left the country in shock. On Saturday, the coffee tycoon wrote a letter addressed to his 'Coffee Day' family where he apologised t..
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Siddhartha was born in 1960 to coffee plantation owner Gangaiah Hegde in Chikkamagalur, Karnataka (his family has been in the coffee business for almost 130 years). Growing up in the district known for its coffee estates, the coffee baron completed his master's degree from Mangalore University.
During the early '90s, as a budding entrepreneur, he tied the knot with Malavika Hegde, the daughter of former Chief Minister of Karnataka, Indian Minister for External Affairs and Governor of Maharashtra, S.M. Krishna. They had two sons, Ishan and Amarthya.
Siddhartha was born in 1960 to coffee plantation owner Gangaiah Hegde in Chikkamagalur, Karnataka (his family has been in the coffee business for almost 130 years). Growing up in the district known f..
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He began his career at the age of 24 as a management trainee with JM Financial Limited in Mumbai, where he worked from 1983 to '84. In the mid '80s, he invested his earnings in the stock market on Chikkamagaluru's coffee plantations, and in 1984, bought an investment banking and brokering firm, Sivan Securities - that was later renamed to Way2Wealth Securities Ltd.
A few years later, using the money given to him by his father as capital, he bought a coffee unit in Hassan, and founded Amalgamated Bean Company Trading in 1993. Two years later, it became India’s largest green coffee exporter. Siddhartha grew coffee, sold and exported tonnes of it, earning millions from the business. The owner of 12,000 acres of coffee plantation, he also had 200 exclusive retail outlets selling his Coffee Day powder all over South India.
In 1996, he set up his first coffee outlet, naming it Café Coffee Day. The first CCD opened its doors at Brigade Road in Bengaluru.
Twenty-three years later, the brand now runs over 1700 outlets, making CCD the country's largest retail coffee chain. It also operates cafes in Austria, Malaysia, and Egypt.
With a burgeoning business to bank on, Siddhartha earned a spot on the 2014 Forbes India's Rich list. However, a year later, he dropped off.
He began his career at the age of 24 as a management trainee with JM Financial Limited in Mumbai, where he worked from 1983 to '84. In the mid '80s, he invested his earnings in the stock market on Ch..
Read More
2017 proved to be the start of a professionally difficult time for Siddhartha, who was then also attending to his 94-year-old father at the time. The coffee tycoon found himself caught in the middle of a tax evasion case. 20 properties owned by him, in Bengaluru, Chennai, Chikkamagaluru and Mumbai, were subjected to a raid by the income tax department.
2017 proved to be the start of a professionally difficult time for Siddhartha, who was then also attending to his 94-year-old father at the time. The coffee tycoon found himself caught in the middle ..
