BENGALURU (Reuters) - Coffee Day Enterprises Ltd said on Wednesday it planned to sell a tech park it owned in the southern Indian city of Bengaluru to Blackstone for up to 30 billion rupees ($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 U.S.-based private equity firm Blackstone for the sale. It also approved the sale of AlphaGrep Securities, a trading firm it owns for 280 million rupees.
($1 = 71.2725 Indian rupees)
Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich