New Delhi, Aug 28 (IANS) TPG Capital, a private equity company, has initiated talks for a possible acquisition of Coffee Day Global (CDG), parent company of Cafe Coffee Day (CCD). According to media reports, talks are at exploratory stage.
Global beverage major Coca-Cola was reportedly in talks with late V.G. Siddhartha, founder chairman, for the promoter's stake in the coffee chain.
Coffee Day Enterprises Ltd (CDEL) owns around 89 per cent of CDG, which comprises a chain of about 1,750 stores, nearly 600 Value Express kiosks and 60,000 coffee vending machines in corporate offices and hotels across the country.
Further, coffee beans and powder are marketed through about 450 'Fresh and Ground Coffee' retail stores.
The group is currently under financial stress and last week CDEL approved selling of Global Village Tech Park of its subsidiary Tanglin Developments Ltd in Bengaluru to the US-based private equity firm Blackstone for Rs 2,600-3,000 crore in 30-45 days.
On August 17, the Group had said its total outstanding debt was Rs 4,970 crore, including Rs 4,796 crore secured and Rs 174 crore unsecured loans.
Of the total loan, CDEL accounts for Rs 480 crore, CDG Rs 1,097 crore, Way 2 Wealth Ltd Rs 121 crore, Tanglin Developments Ltd Rs 1,622 crore, Tanglin Retail Reality Developments Ltd Rs 15 crore, Coffee Day Hotels and Resorts Rs 137 crore, Sical Logistics Rs 1,488 crore and Magnasoft Consulting India Rs 10 crore.
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