UAE moots high-speed underwater rail between Fujairah and Mumbai

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, May 14: Reformed underworld don Muthappa Rai, who was battling cancer for the past year, was said to be in a critical condition at Manipal Hospital in Bengaluru, late Wednesday night. Doctors said he was on life-support at the time of going to press. Rai (68), realtor, entrepreneur and founder of pro-Kannada organisation Jaya Karnataka, had retired from public life after he was diagnosed with cancer. He was part of an ongoing investigation into gangster Ravi Pujari, who was extradited from Senegal recently.

Born in Puttur into a Bunt family, he started out as a bank employee in Bengaluru, and later ran a live band restaurant. In 1994, he was shot in a Bengaluru court by a man dressed as a lawyer, after which he was bedridden for a couple of years.

Rai Moved to Dubai in 1996. He was deported from the UAE to India in 2002, and was arrested in Bengaluru when HT Sangliana was the police commissioner. Both Rai and Pujari had allegedly been associated with underworld don Dawood Ibrahim.

Mangaluru, Apr 4: About 20,000 quintal boiled rice has been distributed among the ration card holders through Public Distribution System, District-in-charge Minister Kota Srinivas Poojary said here on Saturday.

As people in the district prefer boiled rice over white rice, the government has given approval for distributing boiled rice. From next month, only boiled rice will be distributed in the district at fair price shops.

In the last two days, rice has been distributed among 61,302 cardholders in the district.