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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."

Dubai, Jul 9: Air India Express has opened ticket bookings for flights from India to the UAE from July 12 to 26. The carrier posted the announcement on its social media pages.

“INDIA to UAE - Flights are open for sale! Bookings could be made through our website (http://airindiaexpress.in), call centre or authorised travel agents. Visit http://blog.airindiaexpress.in for more details,” the budget airline tweeted.

A clause mentioned in the flyer attached to the post added that only UAE residents with permits to return from India can book flights.

Thousands of Indian expats have been waiting to book flights back to the UAE after being stuck home for about four months due to the COVID-19 travel restrictions.

Vande Bharat Mission flights

Under the fourth phase of Vande Bharat Mission, as many as 104 flights will be operating between UAE and India. 

The Air India announced this on Twitter under a post “#FlyAI : Important Information for ICA approved UAE residents who wish to travel to UAE on Vande Bharat Mission flights.”

A flyer attached to the post addressed passengers who wish to travel to UAE on flights being operated under Vande Bharat Mission by Air India and Air India Express in pursuance of agreement between Civil Aviation authorities of India and the UAE.

“AI and AIE operating evacuation flights to Indian citizens from the UAE to India will carry ICA approved UAE residents (returning to the UAE from India) on the outward journey from India to the UAE.”

“On the India-UAE journey, all these flights will carry only those passengers who are destined for the UAE.”

“This arrangement will be operational for a period of 15 days from July 12 to 26,” the airline added.

While most of the Vande Bharat flights are operated by AIE, a few flights from Sharjah are operated by Air India.