SDPI fields Riyaz Farangipete in Bantwal, says sacrifice of workers won’t go in vain

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."

Bengaluru, Feb 10: Smoke entered wards at Sagar Hospital following a short circuit in the UPS room, said the fire department here on Sunday.

"Smoke entered wards at Sagar Hospital in Bengaluru, following a short circuit in the UPS room at the hospital today. Patients have been shifted from the site of the incident, as a precaution," the fire department in Bengaluru said.

"No fire incident reported and the situation is under control now," the fire department said.

Mangaluru, May 15: Dakshina Kannada Superintendent of Police on Friday warned those who are opposing quarantine to either go for it or face legal action under Epidemic Diseases Act.

In a release here on Friday, Mr B M Laxmi Prasad said that schools and hostels have been identified for quarantining those who arrive from other states. Those, who return, will be quarantined in the respective Gram Panchayat/local bodies’ jurisdiction. The public should not panic over the quarantine facility.

The quarantine facility has been introduced in the interest of the general public. If anyone opposes or protests against such facility, then legal action will be initiated against them, he warned.