BEL receives export order worth USD 33 million from Elbit Systems subsidiary

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."

Mangaluru, Feb 16: A 45 year-old man committed suicide by jumping into Netravati River from the bridge near Thokkottu along with his six-year-old son in the early hours of Sunday here, police said.

The deceased have been identified as Gopalkrishna Rai and his son Aneesh Rai, residents of Baltila in Bantwal.

According to the police, Gopalkrishna along with his wife Ashwini Rai and son had come to Konaje for a family programme. At about 4:30 a.m. he came to the bridge with his son, left a suicide note and jumped into the river.

Bareilly, Jun 22: The All India Tanzeem Ulama-e-Islam, a religious and social organisation headed by five senior clerics, has issued a fatwa to boycott Chinese products in the country.

The clerics said the community members should stand with the army and government in this hour.

Expressing concern over India-China face-off, National general secretary of All India Tanzeem Ulama-e-Islam, Maulana Shahbuddin Rizvi expressed concern over the India-China face-off and said, "A fatwa has been passed for boycotting Chinese products on a query posted by a Bareilly-based resident. The clerics in the fatwa have condemned the conspiracy of China to encroach upon Indian land and the killing of our brave soldiers."

The panel of five clerics include national president of All India Tanzeem Ulama-e-Islam Mufti Ashfaq Hussain Qadri, Mufti Iqbal Ahmad Misbahi, Mufti Tauqir Ahmad Qadri, Mufti Hashim Raza Khan and Qari Saghir Ahmad Rizvi.