Transit One Mall – undoubtedly a masterpiece'

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."

Udupi, Jun 20: Movement of heavy vehicles on Agumbe Ghat section was banned till October 15, following heavy rain lashing due to onset of South West Monsoon.

The Agumbe Ghat connects Shivamogga with the Udupi district. There is a possibility of landslides on either side of the Ghat road if movement of heavy vehicles is allowed during the monsoon, said Udupi DC G Jagadeesh in statement issued here on Saturday.

The movement of all heavy vehicles above 12 tonnes has been banned on the road. Till end of monsoon all the heavy vehicles have to move via Udupi-Brahmavar-Barkur-Shankaranarayana; Siddapura-Hosangady-Hulikal Ghat-Hosanagara-Theerthahalli; Udupi-Karkala-Bajagoli-S K Border-Kerekatte-Sringeri- Shivamogga.

Mangaluru, Jun 21: The first flight chartered by Karnataka Sports and Cultural Club (KSCC) to repatriate stranded UAE Kannadigas today reached Mangaluru from Sharjah.

The Air Arabia flight with 173 passengers took off from Sharjah international airport around 6:00 am (UAE Time) and landed at Mangaluru International Airport at around 11.00 am (IST) on Sunday. 

The flight had 29 pregnant women, 16 children, 5 infants, senior citizens, people with medical emergencies and those who have lost jobs among others.
 
KSCC Manager Mr Shafi said that all the legal procedures were carried out smoothly. Charter flight was arranged only for the stranded Kannadigas.
 
KSCC had set up help desk to finalize list of passengers, given discounted ticket fare for needy passengers who cannot afford the full repatriation cost. Free PPE kits were distributed to all passengers along with snacks.

Meanwhile rapid tests for Covid-19 was conducted before departure and mandatory quarantine for all the passengers was arranged accordingly in 3 hotels in Mangaluru for a period of seven days.
 
KSCC office bearers Shafi, Althaf, Javed, Naseer and volunteers were present at airport during the flight departure. KSCC has expressed gratitude to Consulate General, DC of DK District, Umar U H and Ataullah Jokkate for their support.