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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."

Kuwait: The COVID-19 pandemic has affected all sections of the community in Kuwait, hundreds of NRIs are stranded due to unavailability of flights to fly back home. Leaders of associations belonging to Karnataka state in Kuwait and other part of Gulf countries have initiated a collective effort to discuss the challenges and issues faced by Kannadigas in Gulf Countries during COVID-19 pandemic.    

Mr. Ramesh S Bhandary – President of Tulu Koota Kuwait and Mr. Rajesh Vittal KKK president along with Other Gulf Karnataka Association leaders held video conference meeting arranged by GULF NRI Forum with Hon. Chief Minister of Karnataka Sri B.S. Yediyurappa to discuss the issue of COVID19 in Kuwait.

During this video conference, association leaders briefly explained various issues, statistics of emergency cases which include pregnant women, Senior citizens, visit visa expired cases and urgent medical treatment requirement cases who wish to travel back to Karnataka.

Evacuation flights to Bengaluru and Mangalore from Kuwait and other Gulf countries, request for free airline tickets or free quarantine facility at Bengaluru and Mangaluru also requested during this video call.

Dedicated Covid - 19 Helpline number for Karanataka NRIs- Nominate One line Contact person in Karnataka to co-ordinates all Covid related issues of NRI.

Responding to leaders requests, B.S Yediyurappa promised to address GCC Kannadigas concerns during this humanitarian crisis.

On Behalf of Kannadigaru Dubai & KNRI Forum , Gulf Kannadigas & Gulf Karantaka associations leaders expressed the happiness with BS Yadiyurappa - Hon Chief Minister of Karnataka, Raghavendra Yadiyurappa - Member of Parliament - Shivamogga constituency, for hearing problems of NRI and giving assurance of immediate action plan to repatriate needy Kannadigas from Gulf region to Karnataka.

Video conference was attended by Karnataka association leaders of Gulf Countries.

Karnataka NRI  Forum Kuwait committee comprising  representatives of leading associations of Karnataka in Kuwait such as Tulu Koota Kuwait (TKK), Kuwait Canara Welfare Association (KCWA), Kuwait Kannada Koota (KKK), Buntara Sangha Kuwait (BSK), Billava Sangha Kuwait (BSK), KKMA Karnataka Branch , Indian Doctors Forum and Karnataka Muslim Welfare Association Kuwait (KMWA).

Bengaluru, May 9: The Karnataka government may not extend the daily working hours from 8 to 12, with Labour Minister A Shivaram Hebbar saying on Saturday that the move would neither benefit the industries nor workers.

Hebbar said that the proposal has not been discussed and it may come for final deliberations next week. He also noted that some States have already extended the working hours. More than extending working hours, there should be employment to be given. If there are no jobs what can be done by extending working hours? If it is done (working hours extended to 12 hours), it would neither benefit workers nor industries. Let's see what happens, he said.

Asked if the government was in favour of the extension, he said, "I don't think it will be ready for the (12 hour) proposal." Meanwhile, the Minister also said that their top priority now was to see that all MSMEs start operating again, salaries are paid to employees and there are no job losses for any reason. If industries don't reopen, how can workers get their employment? We should think in parallel, Hebbar said adding, the government was keeping the interests of both MSMEs and workers in mind.

He urged the Centre to offer a relief package to the MSME sector, saying it is facing very difficult times due to the adverse impact of the COVID-19-induced lockdown, and also noting its role in generating large-scale employment and feeding large industries.

The BJP-led government has done whatever within its limitations to help the MSMEs, he said. Earlier this week, the Chief Minister B S Yediyurappa announced that the monthly fixed charges of electricity bills of MSMEs would be waived for two months. MSMEs have suffered huge production losses due to the lockdown. It takes some time for them to revive, Yediyurappa had said. The Chief Minister had also said payment of fixed charges in the electricity bills of the large industries will be deferred without penalty and interest for a period of two months.