NEW DELHI - The body of the founder and owner of India’s largest coffee chain, Cafe Coffee Day, has been found near a river on the outskirts of the southern city of Mangalore, police say.

VG Siddhartha went missing on Monday after apparently walking away from his car and driver. On Tuesday, police said a body had been found by fishermen on the river.

The identity was confirmed by members of Mr Siddhartha’s family after the body was taken to hospital.

Mr Siddhartha’s company, Coffee Day Enterprises Limited, held an emergency board meeting on Monday to discuss his absence. In a statement, it appealed for “the support and strength of all our stakeholders”.

In a note to the stock exchange it said the company was “professionally managed and led by a competent business team” which would ensure the “continuity” of business.