V G Siddhartha | Pixr8 News

Blackstone Acquires Cafe Coffee Day Tech Park For up to Rs 3,000 cr

15Aug By PriyankaNo Comments

ACQUISITION

Blackstone Acquires Cafe Coffee Day Tech Park For up to Rs 3,000 cr

India's leading Coffee chain operator Coffee Day Enterprises announced sale of its Global Village Tech Park in Bengaluru to Blackstone for up to Rs 3,000 crore to cut its debt. The announcement comes weeks after Coffee Day Enterprises founder V G Siddhartha allegedly committed suicide. In a letter purportedly written by him, Siddhartha mentioned severe financial stress being faced by his group firms, among other issues. "The Board of Directors of the company...discussed methods of deleveraging the group. Towards the objective of deleveraging the board discussed and approved the disinvestment of Global Village Tech Park in its subsidiary, Tanglin Developments Ltd, in favour of Blackstone," Coffee Day Enterprises said in a BSE filing. "The transaction valuation is about Rs 2600-3000...

India’s leading Coffee Chain Cafe Coffee Day founder dead body found

The dead body of Cafe Coffee Day founder V G Siddhartha, who went missing, was found on Wednesday in the Netravati river in Dakshina Kannada district of Karnataka after 36 hours of intense search, officials said. The body had washed ashore near Ullal and was fished out by local fishermen. Founder friends and relatives have confirmed that the body is of Siddhartha. Earlier, police said the body, which appeared to be of Siddhartha, was yet to be identified by his family. "A body has been found, which appears to be of him. Final confirmation has to be done by the family," deputy commissioner of Dakshina Kannada district Sasikanth Senthil told. Mangalore Commissioner of Police Sandeep Patil said the body has been kept at Wenlock Hospital for further formalities. Siddhartha, the ...

Cafe Coffee Day founder goes missing, Commits Suicide

Cafe Coffee Day founder V G Siddhartha was reported to have gone missing after he left from Bengaluru on Monday night, police said. Siddhartha, the son-in-law of former Karnataka chief minister S M Krishna, was headed for Sakaleshpur but on the way, he had asked his driver to go towards Mangaluru, according to the police. On reaching a bridge over the Netravati river in the Kotepura area in Dakshina Kannada district, he got down from the car and told his driver that he was going for a walk. "He (Siddhartha) asked the driver to wait until his arrival. When he did not return even after two hours, the driver approached the police and lodged a missing complaint," deputy commissioner of Dakshina Kannada district Senthil Sasikant Senthil told Pixr8 News. More than 200 policemen and d...