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Bengaluru, Mar 30: Coffee Day Enterprises Ltd (CDEL) has received the first tranche of Rs 2,000 crore following disinvestment of Global Village Techparks to repay debts following the death of its founder V G Siddhartha.
In August last year, CDEL executed definitive agreements with entities belonging to Blackstone Group and Salarpuria Sattva Group for investment in GV Techparks, a wholly-owned subsidiary of group company Tanglin Development Ltd (TDL), at an enterprise value of Rs 2,700 crore.
The balance amount is expected to be received after the receipt of few statutory approvals, CDEL said in a statement.
"Out of the money received in first tranche, the company has paid off its debts in full including principal and interest amounting to Rs 1,644 crore to the lenders despite difficult economic conditions," it said.
Post this payment, the consolidated debt of the company and its subsidiaries stands at Rs 3,200 crore as on March 27. This includes debt of Rs 1,400 crore of its subsidiary Sical Logistics Ltd where disinvestment process is in progress.
"The company and subsidiaries have repaid around Rs 4,000 crore to the lenders since the beginning of this financial year," CDEL said.
"With the continuous support of stakeholders of the company, the current management is working to ensure better liquidity and operational efficiency. The company is confident of the future ahead despite various challenges," it added.
The company has been in rough waters after its founder V G Siddhartha took his own life as debt strains began to emerge in his company. Since his death in July last year, CDEL has been trying to divest its assets to pare debts.
On July 30, 2019, CDEL informed stock exchanges about Siddhartha's disappearance. In a letter that was purportedly written by him, the Cafe Coffee Day founder said: "I could not take any more pressure from one of the private equity partners forcing me to buy back shares."

Bengaluru, Mar 27: India should take a cue from the UK and Italy and allow final year medical students to skip exam and bring them into the hospital system immediately to fight the war against COVID-19, noted cardiac surgeon Devi Prasad Shetty on Friday said.

The Chairman and Founder of the city-based Narayana Health said there should be some reforms in medical education like the UK and Italy.
In the UK, he noted, final year medical students have been told that they don't need to appear for the exam, and they will be given pass based on the past performance and they can get into the hospital system to fill the shortage.

Italy got 10,000 more doctors following the move to cut short the duration of MBBS by nine months, according to him.

COVID-19 battle can be only won by young doctors and young nurses. Its like a war, Shetty told PTI.

He said: Senior doctorsnone of them will be able to touch the patients because they are past the age of 50. A person who is past the age of 50 is very vulnerable himself.

This is a very contagious disease. "But we dont have that many battalion (of doctors). We need one and half lakh doctors to manage all these government
hospitals and private hospitals (to fight COVID-19)", he added.

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Mangaluru, Mar 30: In continuing cases of tipplers in the southern states ending their lives due to non-availability of liquor during the lockdown, two men committed suicide in Karnataka's Dakshina Kannada district.

The two suicides were reported in Kadaba taluk on Saturday, police said.

Tomy Thomas (50), a rubber tapping labourer in an estate at Kutrupadi village of the taluk, was found hanging at his rented house on Saturday. Thomas, a native of Kottayam in Kerala, had joined at the estate here a month ago.

Local people said he was desperately moving around in the last few days asking about places where he can get liquor. He had also not reported to work in these days. The body has been kept at the mortuary of a hospital at Deralakatte.

In another incident, a 70-year old man, belonging to Kodimbala village in the taluk, allegedly hanged himself from the branch of a tree near his house at Nakur.

The deceased has been identified as Thomas, who had left his family here 30 years ago and had been working in Kerala. He had returned here only a few years back.

Sources said Thomas, an alcohol addict, was having health problems related to withdrawal. He has been living on pavements at Kadaba without going home.

Kadaba police has registered cases in connection with the two incidents.

Incidents of tipplers committing suicide have been reported in Kerala and Telangana in the past few days. Two men ended their lives in Kerala today while a 50-year old daily wage worker jumped to death from a building in Hyderabad on Friday.