Siddhartha was eager to sell his Cafe Coffee Day stake to Coca-Cola?

coastaldigest.com web desk
July 30, 2019

Newsroom, Jul 30: Cafe Coffee Day founder V G Siddhartha, who was battling financial woes, was reportedly in talks with global soft drinks giant Coca-Cola to sell his stake in the coffee chain.

According to sources, Siddhartha was seeking a valuation of between Rs 8,000 crore and Rs 10,000 crore from Coca-Cola for the coffee chain he set up over two decades ago, while also aiming to retain a controlling stake in the business.

“The promoters are asking for a valuation of between four to five times of sales (in the coffee business) on the back of some valuation trends in the industry both companies are privy to,” a prominent newspaper quoted an unnamed source in the know of the matter.

The group’s coffee business expects to close the year ending March 2020 with sales of about Rs 2,250 crore, according to a senior company executive. The business, which includes some exports of the bean, had revenue of Rs 1,777 crore and Rs 1,814 crore in fiscal year 2018 and 2019, respectively, according to regulatory filings. CCD, set up in August 1996, has grown to include 1,750 stores across India with 60,000 vending machines. It also has outlets across Europe as well as in Malaysia, Nepal and Egypt.

The promoter group holds a 53.93 per cent of the stake in the Coffee Day Enterprises. Of this, Siddhartha owns a 32.75 per cent stake, while his wife and former Karnataka chief minister SM Krishna’s daughter Malavika Hegde held a 4.05 per cent stake. The remainder was held by the couple’s privately-owned entities -- Devadarshini Info Technologies Pvt Ltd, Coffee Day Consolidations Private Limited, Gonibedu Coffee Estates Pvt Ltd and Sivan Securities Private Limited.

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News Network
July 17,2020

Bengaluru, July 17: An infant with heart-related complications died after 10 private hospitals in the city allegedly refused to admit him over coronavirus fears.

In search of a hospital to treat his one-month-old child, the helpless father drove around for 200km in the city. The child breathes its last after suffering for 36 hours.

The infant’s health worsened around 11am on Sunday. “A doctor from a nearby clinic visited our house and said the baby had heart-related issues. As advised, we decided to shift the child to a private hospital,” the father said. The family lives in Basaveshwaranagar.

The parents went to several private hospitals, but in vain. “We visited hospitals in Bavaveshwaranagar, Chord Road, Sheshadripuram, Goraguntepalya and Yeshwanthpur. None of them agreed to treat our baby, and we returned home at night,” the father said. 

“On Monday morning, we started the journey again. This time, we went to a hospital near Jayadeva flyover. We were driving near Marathahalli when our child stopped breathing. We rushed to a nearby private hospital, where doctors declared him brought dead,” he said.

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News Network
March 30,2020

Mangaluru Mar 30: The Mangaluru South Police has registered a criminal case against a man over a 'derogatory post' against the district administration. According to DC Sindhu B Rupesh, the man identified as Melwyn Pinto had sent a derogatory message on WhatsApp.

She warned on taking stringent action against miscreants who are spreading false information and rumours about district administration under DM Act provisions.

Meanwhile, City Commissioner of Police Dr P S Harsha said, "We have noticed people going around on merry rides without purpose either on two-wheelers or in cars during the lockdown period."

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News Network
March 1,2020

Mangaluru, Mar 1: Karnataka Minister for Major and Medium Industries Jagadish Shettar said that the flight service between Mangaluru and Hubballi will begin on March 29 under UDAN scheme.

Speaking to reporters on the sideline of the meeting of Industries Commerce of Magaluru, here on Saturday evening, he said while the city of Ports is the second busiest international airport after Bengaluru in Karnataka, other places, namely Hubballi, Belagavi, Kalaburagi and Bidar, have come on the air map with the UDAN scheme.

Stating that UDAN launched by Prime Minister Narendra Modi was what the Golden Quadrilateral highway project of former Prime Minister A B Vajpayee had envisaged, Mr. Shettar noted that more flights are operating to and from Mangaluru now. This has paved the way for Industrialisation of the important city on the Bombay-Karnataka region, he added.

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