Development of tourism sector vital for progress of DK, Udupi'

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."

New Delhi, Jul 3: The aviation regulator DGCA said on Friday it was extending the suspension of scheduled international passenger flights in the country till July 31 but added that some international scheduled services on selected routes may be permitted on a case to case basis.

Scheduled international passenger flights were suspended in India on March 23 due to the coronavirus pandemic.

Modifying its June 26 circular that stated that scheduled international passenger flights will remain suspended till July 15, 2020, the regulator stated on Friday it has decided to extend the deadline to July 31, 2020.

However, international scheduled flights may be allowed on selected routes by the competent authority on a case to case basis,” said the circular by the Directorate General of Civil Aviation (DGCA).

Air India and other private domestic airlines have been operating unscheduled international repatriation flights under the Vande Bharat Mission, which was started on May 6 by the Central government.

India resumed scheduled domestic passenger flights on May 25, after a gap of two months.

Mysuru, May 30: District in-charge Minister S T Somashekar on Saturday said that the Mysuru zoo is likely to reopen in June first week and all preparations are being made with precautionary measures.

While talking to media here, he said the initiative has taken considering the well being of animals and keeping in mind to support the tourism sector. "We have already collected the opinions of public representatives of the district. District administration is all prepared to reopen the zoo and waiting for permission from the forest minister and the government," he said.

He also said that he is not aware of the reopening the Mysuru palace for tourists. Chamundeswhari temple atop of Chamundi hils will be open based on the guidelines of the central government. The government taking measures to reopen tourist spots and central government will release the guidelines in the next two days, he added.