Coffee Day group's promoters are considering to restart talks with Coca-Cola to sell a chunk of their stake in CCD in order to reduce debt, reported The Economic Times, citing people with knowledge of the matter. The ET sources added that group company Sical Logistics is also looking to divest assets.
Coca-Cola was in talks with CCD in June this year, however, the negotiations halted as the former was eyeing a controlling stake in the latter, the report said.
The late VG Siddhartha, founder of CCD, was seeking to divest only a minority stake and wanted to retain control, said the report, citing sources. According to the ET sources, Siddhartha was seeking a valuation of about Rs 10,000 crore.
When contacted by the paper, a Coca-Cola spokesperson refused to comment on the story, while Coffee Day didn't respond.
The group on Saturday said its total outstanding debt was Rs 4,970 crore, including Rs 4,796 crore secured loans and Rs 174 crore in unsecured loans.
First Published: Aug 19, 2019 8:19 AM IST
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