Bengaluru startup CEO loses arm after crocodile attack

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 5: Karnataka government on Thursday set aside Rs 400 crore to construct twin towers building with 25 floors here at Anand Rao Circle to facilitate all government departments to function at one place.

"To facilitate all the Government Departments to function in one building, a "Twin-Towers" building with 25 storeys will be constructed at Arland Rao Circle, Bengaluru, with an expenditure of Rs 400 crore," said Karnataka Chief Minister Yediyurappa while presenting the budget in the state Assembly.

He further said that the road cross-over facility for pedestrians other than metro commuters will be provided through 24 metro stations.

"The construction of 56 km long Outer Ring Road - Airport Metro from Central Silk Board junction to Bengaluru International Airport via K R Puram and Hebbala at an estimated cost of Rs 14,500 crore will be commenced during the year 2020-21," he said.

Rs 1,000 crore budget each have been announced for the restoration of Bengaluru roads for two years, 276 Karnataka public school for their infrastructure development.

Hassan, Feb 9: Accusing the Centre for treating Karnataka as its enemy Former Minister and Congress leader UT Khader on Saturday said that the state did not get support from the Centre on the Mahadayi issue and flood relief and even the Union Budget.

Speaking to the media here, he said that the state has elected 25 BJP Lok Sabha members. Three from the state were Ministers in the Union Cabinet and another MP has been appointed president of the party’s state unit.

'None of them have spoken about the injustice done to the state in the budget. The budget document announced Rs 18,600 crore for the suburban railway in Bengaluru. But, ultimately the amount earmarked for the project is only Rs 1 crore. How can any BJP leader justify this?', the Congress leader wondered.