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."
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Coffee Day gets first tranche of Rs 2,000-cr after disinvestment in GV Techparks
News Network
March 30, 2020
Congress will return to power in Karnataka: says DK Shivakumar
News Network
March 21,2020
Bengaluru , Mar 21: Karnataka Congress President DK Shivakumar exuded confidence that the party will return to power in the state and praised former chief minister Siddaramaiah's term.
"I am confident that we will come back to power. Everyone in the past has worked their best to build the party. Siddaramaiah being a full-term chief minister gave the best programs to Karnataka, his government's programs were the best of all time," Shivakumar said at a press conference on Friday.
He further assured his full support to anyone who wanted to work for the betterment of the party.
"Though I have become the state president of the party but I am still the worker of Congress and each of us should work for the party as ground workers. I am ready to give any kind of support to those who want to work for the party. We need to take all caste, communities along for the betterment of the party," he said.
Shivakumar was appointed the state Congress President on March 11, while Eshwar Khandre, Satish Jarkiholi, and Saleem Ahmed have been appointed working presidents of Karnataka Pradesh Congress Committee.
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First Tell your all MP & MLA s that if they wish to join BJP better join from now later after getting elected from the congress they betray the voter, such hiddnen sangis from congress to be kicked out.
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Lockdown: Karnataka brings back over 2000 labourers from Maha
News Network
March 30,2020
Belgaum, Mar 30: As many as 2442 labourers hailing from Karnataka have been brought back in 62 buses by the State government from Maharashtra on Sunday, in the backdrop of nation-wide lockdown following COVID-19 outbreak.
Maharashtra Chief Minister Uddhav Thackeray on Saturday urged migrant labourers not to leave the State owing to the nationwide lockdown and assured that the Maharashtra government will look after their interests.
Hundreds of migrants, a majority of whom are daily wage workers started rushing to their native places from different states amid uncertainty over their livelihood following the announcement of a 21-day nationwide lockdown by Prime Minister Narendra Modi last week in order to contain the spread of novel coronavirus.
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'We will see what happens': Anand Singh on PIL against him
News Network
February 19,2020
Bengaluru, Feb 19: Karnataka Forest Minister Anand Singh on Wednesday said that there was no criminal case filed directly against him.
When asked about PIL filed in the Karnataka High Court against him, Singh told media: "Some lawyer has filed a PIL against me in the High Court. I cannot stop anyone from filing the PIL."
"I have given my criminal record. There is no criminal case directly filed against me. My name is there in some cases but in 'others category'. We will see what happens," he said.
When asked about Congress leader Siddaramaiah's comments criticising him for being given the forest portfolio, Singh said: "I cannot comment on what he said against me as he is a former chief minister and very senior leader."
"Also the opposition always tries to make allegations against me. That is why he criticised me," he said.
Leader of Opposition in Karnataka Assembly Siddaramaiah on Monday demanded that Forest Minister Anand Singh should either be expelled from the ministry or assigned a different portfolio.
A number of cases are pending against Singh including those registered under the Karnataka Forest Act.
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