Cafe Coffee Day may sell 90-acre IT park in Bengaluru to reduce debt

Founder of Cafe Coffee Day V.G.Siddharatha’s death a few weeks ago. The Board of CDEL, Decided on Thursday…

Founder of Cafe Coffee Day V.G.Siddharatha’s death a few weeks ago.

The Board of CDEL, Decided on Thursday to sell the group’s 90-acre technology park in Bengaluru to Reduce CDEL’s debt.

New-York-based private equity giant Blackstone Group is one of the top contenders to but the Global Village Park.

Blackstone has talked to buy Tanglin Developments, said two separate people directly familiar with the deal on the condition of anonymity.

As of March 31, borrowings of all CDEL subsidiaries worked out at Rs 6,547.38 crore.

CDEL’s borrowings was around Rs 350 crore, while its subsidiary Coffee Day Global has Rs 879.67 crore debt as of March 31.

Total assets of CDEL were approximately Rs 11,259 crore.

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