BUSINESS

To pay off debt, Cafe Coffee Day to sell Bengaluru Tech Park to Blackstone

cafe-cofee

BENGALURU: Coffee Day Enterprises said on Wednesday it planned to sell a tech park it owned in the southern city of Bengaluru to Blackstone for up to Rs. 3,000 crore ($421 million), in an effort to cut debt.

The announcement comes weeks after the company's founder was found dead in a river in southern India, sparking speculation that he was under intense financial strain and prompting the company to look for options to deleverage its assets.

Coffee Day said it entered a non-binding letter of intent with US-based private equity firm Blackstone for the sale. It also approved the sale of AlphaGrep Securities, a trading firm it owns for Rs. 28 crore.