I am not money bag of JD(S), says BM Farooq who owns assets worth Rs 778 crore

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."

Thiruvananthapuram, Mar 28: A man from Kerala was among the terrorists affiliated to Islamic State (IS) who allegedly attacked a Gurdwara in Kabul earlier this week in which 27 people were killed.

The IS has claimed that one of the suicide bombers was Abu Khalid al-Hindi.

According to sources, investigation agencies on Friday have identified him as 29-year-old Mohammed Sajid Kuthirummal of Padne in Kasargod. He was among the 14 persons, who left from Kerala to join IS in Nangarhar province of Afghanistan.

"IS had released the name Abu Khalid al-Hindi through its media agency soon after the attack. The photograph of him holding a rifle was also published by IS in their propaganda magazine Al Naba. From that, we have identified the person as Mohammed Sajid Kuthirummal. We are investigating the matter and in touch with the investigating agencies in Afghanistan for tracking his trail," sources told ANI.

The National Investigation Agency (NIA) probe had earlier revealed that Mohammed Sajid was recruited by Abdul Rashid Abdulla of Chandera, who was killed in Afghanistan last year.

Sajid worked as a shop keeper in a gulf country and returned to Kerala. Based on a complaint by Sajid's father Mahamood, the FIR was registered at Chendara Police Station, Kasaragod in 2016 regarding Sajid joining IS and leaving for Afghanistan.

He was among the 14 member team that left from Kerala to join IS in Khorasan Province' in Nangarhar.

ANI had earlier reported that two of these members Ayesha alias Sonia Sebastian and Fathima alias Nimisha who were in IS had expressed their interest in returning to Kerala. Out of 14, seven including Sajid is dead.