The founder of Indian coffee chain Cafe Coffee Day has gone missing after writing a letter describing the financial battles his firm was facing.
Businessman VG Siddhartha, 58, went missing on Monday evening from Mangalaru in the state of Karnataka.
He reportedly asked his driver to let him out of a vehicle near to the Nevrati River, telling him to drive ahead for a distance and that he would catch up on foot.
However, he did not rendezvous with the driver, who raised the alarm he was missing.
Search operations are being carried out, with police dogs and boats deployed.
In the wake of his disappearance a letter written from Mr Siddhartha, known by some as the Coffee King, to the Cafe Coffee Day board has emerged.
This, as reported by Times of India, said: “After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology company where I have been a large shareholder since its founding, I have failed to create the right profitable business model despite my best efforts."
He added: “I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me.”
He went on to discuss financial issues and pressures he was facing.
Cafe Coffee Day is India’s largest coffee shop chain and seen as the country’s rival to Starbucks.
Its board said it would be working to “ensure continuity of business”, according to a stock exchange filing reported by Bloomberg.
