Sahara India Pariwar: Difference between revisions
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'''Sahara India Pariwar''' is an Indian [[Conglomerate (company)|conglomerate]] headquartered in [[Lucknow]], India with business interests in finance, infrastructure & housing, media & entertainment, consumer merchandise retail venture, manufacturing and information technology. The company has a [[market capitalisation]] of {{USD}}25.94 billion as of March 2011.<ref>[http://www.sahara.in/statement.html Financial Statement of the Group]</ref> The group is a major promoter of sports in India and was<ref>[http://www.espncricinfo.com/india/content/story/698615.html]</ref> the main sponsor of the [[India national cricket team|Indian cricket Team]]. The company owns a 42.5% stake in Formula One's [[Force India|Force India Formula 1 Team]] and also sponsors [[India national field hockey team]] |
'''Sahara India Pariwar''' is an Indian [[Conglomerate (company)|conglomerate]] headquartered in [[Lucknow]], India with business interests in finance, infrastructure & housing, media & entertainment, consumer merchandise retail venture, manufacturing and information technology. The company has a [[market capitalisation]] of {{USD}}25.94 billion as of March 2011.<ref>[http://www.sahara.in/statement.html Financial Statement of the Group]</ref> The group is a major promoter of sports in India and was<ref>[http://www.espncricinfo.com/india/content/story/698615.html]</ref> the main sponsor of the [[India national cricket team|Indian cricket Team]]. The company owns a 42.5% stake in Formula One's [[Force India|Force India Formula 1 Team]] and also sponsors [[India national field hockey team]]. |
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==History== |
==History== |
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| File:Saharindialogo.svg | |
| Company type | Privately held company |
|---|---|
| Industry | Conglomerate |
| Founded | 1978 (Gorakhpur, India) |
| Founder | Subrata Roy Sahara |
| Headquarters | , |
Area served | India |
Key people | Subrata Roy Sahara (Chairman) |
| Products | Financial services Construction Mass media Retailing IT Services & Outsourcing |
| Revenue | ₹730 billion (2011)[1] |
| Website | www |
Sahara India Pariwar is an Indian conglomerate headquartered in Lucknow, India with business interests in finance, infrastructure & housing, media & entertainment, consumer merchandise retail venture, manufacturing and information technology. The company has a market capitalisation of US$25.94 billion as of March 2011.[2] The group is a major promoter of sports in India and was[3] the main sponsor of the Indian cricket Team. The company owns a 42.5% stake in Formula One's Force India Formula 1 Team and also sponsors India national field hockey team.
History
Sahara India Pariwar was founded by Subrata Roy.[4][5]
Real Estate
Sahara India Real Estate Company and the Sahara Housing Investment Corporation, subsidiaries of the conglomerate, buy and develop land for residential housing projects across India. The company has projects in Kanpur, Lucknow, Gorakhpur, Hyderabad, Bhopal, Kochi, Gurgaon and Pune.[6][7] Sahara has a collaboration with Turner Construction, an American building company, in some of its projects.[8]
Sports
Sahara owns several professional sports teams in India in a variety of sports. In badminton, it owns the Awadhe Warriors of Lucknow, one of six teams in the Indian Badminton League'.[9] In cricket, it owned the Pune Warriors India, a franchise team that played in the Indian Premier League (IPL),.[10] Sahara owns the Formula One team Sahara Force India.[11] [12]
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The company launched a polo team, the Sahara Warriors Polo Team in 2012.[13] In July 2012, Sahara India Praiser picked up the Lucknow franchise of the Hockey India League (HIL), the Uttar Pradesh Wizards.[14]It is also the sponsor of the Bangladesh Cricket Team since 2012.[15]
Media and Entertainment
The group owns a national Hindi News Channel Samay and 36 city specific regional news channels Sahara Samay. It also owns Sahara One- A General entertainment channel, Filmy- A Hindi movie channel, and Firangi- An entertainment channel. Sahara Samay received the "Broadcast Engineering Excellence Award" in 2008 for its network newsroom technology.[16]
The group owns publishes and sells one magazine in English, 7 editions of Hindi Daily Newspaper Rashtriya Sahara, nine editions of Urdu Daily Newspaper Roznama Rashtriya Sahara and one International Urdu Weekly, Aalmi Sahara.[17]
Sahara produces, markets, and distributes Hindi and other regional language films. Well known films produced by the company include Bewafaa, Page 3, Sarkar, No Entry, Wanted.[18] In September 2010, the company was in talks to acquire MGM Studios, but the deal collapsed.[19][20] Sahara is willing to try again to take over MGM.[21]
Hotels
Sahara owns a controlling stakes in New York's Plaza Hotel and London's Grosvenor House Hotel.[22][23]
In India, the group owns the "Sahara Star" hotel near Mumbai's Chhatrapati Shivaji International Airport.
Finance
Sahara has interests in insurance and asset management. Sahara India Life Insurance Company Ltd. (SILICL), is a Life Insurance Company in the private sector.[citation needed] Sahara Asset Management Company Pvt. Ltd. manages 16 equity and debt Mutual Funds. Sahara Banking & Financial Services Fund has been adjudged the Best Performing Banking Sector Fund over a 3-year Performance by the International Agency "Lippers".[citation needed]
Other financial activities associated with the company have come under significant legal scrutiny, including a savings program with the stated intention of selling savings products to the poor, which government officials claim may be exploiting it's customers.[24]
Retail
On 13 August 2012, Sahara India announced the opening of their retail FMCG business named 'Q shop' (Quality shop) with an initial investment of Rs. 30 billion. Sahara also announced the hire of 600,000 sales personnel and 3000 customer care executives.[25] At its launch, Subrata Roy said that Sahara had been planning for this venture for the last two years and was opening 'Q shops' in major cities across the country to provide adulteration-free consumer merchandise including processed food and beverages to buyers.[26] The group said it would set up 305 warehouses in 285 cities in a phased manner.
Sahara India Pariwar’s Sahara Q Shop Entered into the Guinness World Records when it opened record 315 outlets in 10 states of India, just at one time on 1 April 2013[27]
Power
Sahara Power has signed Memorandum of Understanding (MOU) with the Government of Orissa for setting up a 1320 MW (2 x 660) Coal Based Thermal Power Plant in Turla Tehsil of Balangir District, Orissa at an investment of about Rs. 56.04 billion. Sahara India Power Corporation Limited has also proposed to set up a 2000 MW Coal based power plants in Jharkhand and Chhattisgarh at an estimated investment of Rs. 80 billion. each.
Health care
The group owns a hospital in Lucknow. The hospital was opened in 2009. This hospital got operational in February 2009 and is currently operating with approximately 350 beds, including 120 bed Critical Care Infrastructure and expandable to 554 beds.[28]
Other Businesses
Under the name "Sahara Next", the company offers Information Technology consulting services in banking, finance, media and entertainment, chemicals and CRM.[citation needed]
The group owned an airline, Air Sahara, which it sold to Jet Airways in 2007. Under the name "Sahara Global", it offers integrated travel and tourism services for domestic as well as international customers.[29][30]
The group runs a school in Pune, the International School Amby – Amby Valley, and the Sahara College of Nursing & Paramedical Sciences in Lucknow.[citation needed]
Controversy
On August 31, 2012 Indian Supreme Court directed the Sahara group to refund Rs 24,000 crore by November end. The deadline was further extended and the companies were directed to deposit Rs 5,120 crore immediately and Rs 10,000 crore in first week of January and the remaining amount in first week of February.[31]
The group, which had handed over the draft of Rs 5,120 crore on December 5, has been accused of failing to pay the rest of the amount.
On February 26, 2014, the Supreme Court of India issued a non-bailable arrest warrant for Subrata Roy for failing to appear before the court to justify the company's failure to comply with the August 31, 2012 ruling.[32] Roy’s counsel Ram Jethmalani appeal to delay the court appearance on the basis of the health of his mother which was denied by bench of Justices K S Radhakrishnan and J S Khehar. The court expressed a deep commitment to upholding the rule of law in the case and also directed Roy should be arrested and produced before it on March 4, 2014.[33][34]
Charitable work
The Sahara Welfare Foundation, the social development unit of Sahara India Pariwar, runs social welfare projects.[35][36][37] The company assisted the families of Indian soldiers killed in the Kargil war with a commitment of 500 million (USD 10.65 million )[38][39] [40] The company also assisted families whose homes were damaged in the 2006 Gujarat earthquake.[citation needed] Other welfare activities include water purification systems and education resource systems in Indian villages.[41] [42][43]
Guinness World records
- Sahara holds the record for the most people singing a national anthem simultaneously. 121,653 employees of the company sang India' national anthem on 8 May 2013 in Lucknow, India.[44]
- Sahara India Pariwar’s Sahara Q Shop Entered into the Guinness World Records when it opened record 315 outlets in 10 states of India, just at one time on 1 April 2013[27]
References
- ^ http://www.ndtv.com/video/player/your-call/your-call-with-subrata-roy-sahara/232196
- ^ Financial Statement of the Group
- ^ [1]
- ^ "Owner of Pune Warriors runs Sahara India Pariwar as managing worker". THE AUSTRALIAN. 6 May 2010. Retrieved 12 September 2011.
- ^ "Subrata Roy Sahara". Bloomberg BusinessWeek. Retrieved 12 September 2011.
- ^ Sahara Group enters real estate, The Economic Times, 5 February 2008
- ^ THE GOOD LIFE, INDIA TODAY, 15 February 2008
- ^ Sahara launches construction JV with Turner, rel="nofollow",REUTERS, 9 February 2012
- ^ Sahara buys IBL's Lucknow franchise, The Times of India, 16 July 2013
- ^ 2 New IPL Team, The Times of India, 22 March 2010
- ^ "Sahara Group takes 42.5% stake in Force India Formula One team". The Guardian. The Guardian. 12 October 2011. Retrieved 12 October 2011.
- ^ "Sahara buys 42% stake in Mallya's Force India F1 team". The Times of India. The Times Group. 12 October 2011. Retrieved 12 October 2011.
- ^ "Sahara India Pariwar launches Polo team Sahara Warriors". 22November2012.
{{cite news}}: Check date values in:|date=(help) - ^ "Sahara to own hockey franchise". 24 July 2012.
- ^ "Sahara set to become Bangladesh sponsor". IBNLive. 30/05/2012. Retrieved 24 February 2014.
{{cite news}}: Check date values in:|date=(help) - ^ Samay bags international honour, The Economic Times, 6 April 2005
- ^ Sahara plans three weekly newspapers, Rediff.com, 1 February 2003
- ^ Sahara One Motion Pictures – a banner in the right direction, IndiaGlitz.com,5 September 2006
- ^ Indian Congolomerate In Talks About MGM Bid, Reuters, 18 September 2010
- ^ Sahara Says MGM Studio Creditors Reject $2 Billion Bid, Google, 24 September 2010
- ^ Sahara Still Committed to Finalizing MGM Bid, The Hollywood Reporter, 29 September 2010
- ^ "Sahara checks into iconic New York hotel". Hindustan Times. 31 July 2012. Retrieved 30 September 2012.
- ^ Sahara buys UK hotel for Rs 3,275cr, The Times of India, 31 December 2010
- ^ India Shadow Banker Fights to Keep Empire Built on Poor, "Bloomberg.com", 2 December 2013
- ^ Sahara enters retail, to launch 800 'Q' Shops, Business Today, 16 August 2012
- ^ Sahara in Rs. 3,000-cr ‘Q Shop’ retail foray, Hindustan Times, 13 August 2012
- ^ a b Sahara Q shop makes it to the Guinness World Records, Deccan Chronical, 17 April 2013
- ^ Nawabi Entry in Healthcare, Express Healthcare, 1 April 2009
- ^ Sahara Global launches travel show
- ^ Sahara Global launches 'Celebrate Life'
- ^ http://articles.economictimes.indiatimes.com/2014-02-11/news/47235854_1_real-estate-corp-ltd-arvind-dattar-sahara-credit-cooperative-society
- ^ "SC issues arrest warrant against Subrata Roy". hindustantimes. 26-Feb-2014. Retrieved 26-Feb-2014.
{{cite web}}: Check date values in:|accessdate=and|date=(help); Italic or bold markup not allowed in:|publisher=(help) - ^ "SC issues non-bailable warrant against Subrata Roy". Times of India. 26-Feb-2014. Retrieved 26-Feb-2014.
{{cite web}}: Check date values in:|accessdate=and|date=(help); Italic or bold markup not allowed in:|publisher=(help) - ^ "SC orders arrest of Sahara chief Subrata Roy, says 'arms of court very long'". The Indian Express. 26-Feb-2014. Retrieved 26-Feb-2014.
{{cite web}}: Check date values in:|accessdate=and|date=(help); Italic or bold markup not allowed in:|publisher=(help) - ^ Sahara to put in Rs1000 crore in welfare foundation, DNA, 5 February 2012
- ^ Sahara Welfare Foundation, Sahara India
- ^ [2], Sahara Welfare Foundation
- ^ Sahara to pay martyrs' families 5 times salary for 10 yrs , The Indian Express
- ^ Sahara will pay salaries of Mumbai martyrs , The Economic Times
- ^ Sahara to pay martyrs' families , DNA
- ^ Sahara India to adopt 1,000 villages for all round development , The Economic Times, 10 June 2013
- ^ flags off prog to adopt 1,000 villages, The Economic Times, 12 June 2013
- ^ Subrata Roy Sahara Announced to Adopt 1000 Villages in 7 States Under CSR , India CSR, 1 April 2013
- ^ Sahara's national anthem feat gets Guinness honour, The Times of India, 7 May 2013