MUMBAI: Subarata Roy, the founder of Sahara India Pariwar, passed away here on Tuesday following a cardiac arrest after a prolonged illness. He was 75.

"With profound sadness, the Sahara India Pariwar informs the demise of our ‘Saharasri’ Subrata Roy Sahara, Managing Worker and Chairman, Sahara India Pariwar.", Sahara India Group said in a statement.

"Saharasri ji was an inspirational leader and a visionary, who passed away on November 14 at 10.30 p.m. due to cardiorespiratory arrest following an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes. He was admitted to the Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute (KDAH) in Mumbai on November 12 following a decline in health."

"His loss will be deeply felt by the entire Sahara India Pariwar. Saharasri ji was a guiding force, a mentor, and a source of inspiration for all who had the privilege of working alongside him," the statement reads.

"Details regarding the last rites will be communicated in due course," it added.

Subrata Roy was born on 10 June 1948 in Araria, Bihar. He had great influence in various fields like finance, real estate and media. Wife is Swapna Roy. Sushanto and Seemanto Roy are children.