Step 1: Concept
Saponification is the chemical process of breaking down triglycerides (oils/fats) into glycerol and soap using a strong base.
Step 2: Meaning
It involves the alkaline hydrolysis of fatty acid esters.
Step 3: Analysis
Strong alkalis like Sodium hydroxide ($NaOH$) or Potassium hydroxide ($KOH$) are required to drive this reaction. While $NaOH$ produces hard soap, $KOH$ produces soft or liquid soap.
Step 4: Conclusion
Potassium hydroxide is a standard reagent used for the saponification process in pharmaceutical and industrial chemistry.
Final Answer: (C)