BackEmbattled Sahara seeks equity, debt infusion
Subrata Roy says the tussle with Sebi had set Sahara’s growth back by a year or two
PremiumLucknow: India’s embattled Sahara conglomerate is looking to bring equity and debt investment into its businesses as an ongoing dispute with the country’s securities regulator has set back its growth.
Unlisted Sahara, a household name in India through its sponsorship of the national cricket team, has been ordered by the country’s Supreme Court to repay billions of dollars it raised from millions of small investors in outlawed bonds.
Sahara says it has paid back most investors and its total liability is less than the ₹ 51.2 billion ($948.85 million) it has deposited with the regulator.
“Out of turn, when you have to make payments, it affects the cashflow," Sahara chief Subrata Roy said in an interview at the sprawling gated complex where he lives and works in the capital of Uttar Pradesh, India’s most populous state.
Roy calls himself managing worker and chairman of Sahara and “chief guardian" of the world’s biggest family, with nearly a million staff and agents. The conglomerate’s full name is Sahara India Pariwar, which means family, and is known for public displays of patriotism.
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