The body of Cafe Coffee Day founder V G Siddhartha, who had gone missing, was found on Wednesday in the Netravati river in Dakshina Kannada district of Karnataka after 36 hours of intense search, officials said.
The body had washed ashore near Ullal and was fished out by local fishermen.
Mangalore MLA U T Khader said friends and relatives have confirmed that the body is of Siddhartha.
Earlier, police had said the body, which appeared to be of Siddhartha, was yet to be identified by his family.
"A body has been found, which appears to be of him. Final confirmation has to be done by the family," deputy commissioner of Dakshina Kannada district Sasikanth Senthil had told PTI earlier.
Mangalore Commissioner of Police Sandeep Patil said, "A body has been found after intense search with the help of NDRF, local coast guard police and fishermen. Further investigations are on. We have informed the family. The body has been sent to Wenlock Hospital for further formalities."