Blackstone and representatives of the family of Coffee Day founder VG Siddhartha are reviving talks for the potential sale of a 90-acre technology park in India, following the death of the coffee tycoon last week, according to Economic Times India.
“There were negotiations with representatives of Siddhartha’s family. However, at this point, we cannot say how soon these negotiations can be converted into a transaction,” a person with knowledge of the matter told the Economic Times.
If the Rs 3,000 crore ($423.6 million) deal continues, it will help Coffee Day alleviate its substantial debt, which is estimated at Rs 6,547 crore ($924.4 million) and includes loans from banks and securities sold to mutual funds. Siddhartha is also estimated to have taken on debt of more than Rs 1,000 crore ($141 million) through entities that housed his personal holdings, according to the Economic Times.
The tech park has more than 3.3 million square
