Tata Coffee in talks to acquire V G Siddhartha’s 12,000 hectares of coffee plantations

News Network
September 25, 2020

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Bengaluru, Sept 25: Tata Coffee has reportedly started negotiations to acquire 12,000 hectares of coffee plantations belonging to Cafe Coffee Day founder V G Siddhartha for Rs 1,200-1,500 crore.

Coffee Day's operations, including personal assets and coffee plantations, is currently being handled by Siddhartha's wife, Malavika Hedge, after he died by suicide last year in August amid allegations that he faced pressure from lenders, a private equity firm and harassed by tax officials.

This development comes on the heels of Tata Consumer Products (TCP) approving an exploration of acquisition of Cafe Coffee Day's vending machine business. CCD is looking for a valuation of about Rs 2,000 crore for the same, a Bloomberg report said.

Siddhartha is believed to have availed loans worth Rs 2,000 from banks like HSBC, Rabo Bank, Lakshmi Vilas Bank, RBL and IndusInd Bank. Some of the lenders have already initiated recovery proceedings against the plantation assests last November.

"Discussions between Tata Coffee and Hedge started in February but were put on hold because of Covid," a source told the publication. "Talks have resumed, though the deal may be in preliminary stages," he added.

A family representative, however, told that the information is speculative and is to be treated as baseless rumours. The representative further stated that none of the lenders have invoked recovery procedings on plantation assets.

Apart from the coffeee plantations, Siddhartha also owned silver oak and timber plantations priced at about Rs 2,000 crore. His personal assets included The Serai Resorts, a luxury hospitality resorts.

Tata group has completed the restructuring of the consumer business and TCP’s joint venture with Starbucks progressing well. Deliberations to acquire the plantations are largely with the view of scaling up Tata Coffee’s land base. TCP holds 57.48 per cent stake in Tata Coffee.

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News Network
January 7,2025

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New Delhi, Jan 7: Fifty-three people were killed after an earthquake of magnitude 7.1 hit Tibet near the Nepalese border today, news agency AFP said quoting Chinese media Xinhua. The tremors of the earthquake were felt in several parts of India, including Bihar, Assam and West Bengal.

The epicentre of the earthquake was in Tingri county in Shigatse city. Tingri is about 400 km southwest of Tibet's capital Lhasa and is on the border with Nepal. It is a tourism hub for those visiting Mount Everest. 

According to the National Centre for Seismology (NCS), the earthquake was recorded at 6:35 am. NCS data reveals that two more earthquakes hit the region shortly after the first one. 

The second earthquake of magnitude 4.7 was recorded at 7:02 am at a depth of 10 km and the third earthquake of magnitude 4.9 at 7:07 am at a depth of 30 km. 

Nepal is nestled in a geologically active region, where the Indian and Eurasian tectonic plates collide, forming the Himalayas and making earthquakes a frequent occurrence. In 2015, nearly 9,000 people died and more than 22,000 were injured when a 7.8-magnitude quake struck Nepal, destroying more than half a million homes.

The tremors were particularly felt in Bihar where people were seen outside their houses and apartments. There have been no reports of any damage to property because of the earthquake.

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News Network
January 7,2025

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Mangaluru: A tragic road accident claimed the life of a young medical store owner on Monday, January 6, near Tiblapadavu, Natekallu, located on the outskirts of the city.

The victim, identified as 25-year-old Ausaf, was the proprietor of Hajira Medicals and the son of Jaleel, a resident of Derlakatte. 

The unfortunate incident unfolded as Ausaf was riding his bike from Derlakatte toward Tiblapadavu. Upon approaching a divider near Tiblapadavu, a lorry made a sudden turn, resulting in a collision between the motorbike and the rear of the lorry. Ausaf succumbed to his injuries on the spot.

Having completed his education a few years ago, Ausaf had taken up the responsibility of managing Hajira Medicals at Derlakatte Junction. He was well-known in his community for his dedication and service.

Authorities at the Mangaluru South Traffic Police Station have registered a case, and CCTV footage capturing the incident is under review. The tragic loss has left the local community in shock, mourning the untimely demise of a promising young entrepreneur. 

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News Network
January 6,2025

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Karnataka’s first C Band Doppler Weather Radar (DWR) in Mangaluru, work for which was supposed to have been finished by January 15, will be postponed slightly due to some technical difficulties, said N Puviarasan, head of India Meteorological Department (IMD)’s Bengaluru centre.

“We are hoping to get it running by this month's end at least,” said Puviarasan on the sidelines of a stakeholders’ workshop organised by the IMD Bengaluru on January 4 to commemorate 150 years of IMD. The workshop was held at the premises of Karnataka State Natural Disaster Management Centre (KSNDMC) and had day-long sessions, including technical ones by Hindustan Aeronautics Ltd, Bengaluru and Department of Agro Meteorology, University of Agricultural Sciences, Bengaluru.

Puviarasan also said the IMD ran into obstacles in its bid to establish a S-band DWR in Bengaluru, due to problems in acquiring the land required. “We need 30X30 space to put up a tower and a small utility room,” said Puviarasan. According to him, IMD had originally planned to put up the radar in Nandi Hills. But, on Union Minister of State for Micro, Small and Medium Enterprises and Labour & Employment Shobha Karandlaje’s request, he said they started scouting for an appropriate place in Bengaluru. On July 23, 2024 Karandlaje had posted on X: “Following my request, the IMD has greenlit the installation of a Doppler radar in the city (Bengaluru), scheduled to be operational by year-end. This is a major step towards better weather forecasting & preparedness for natural disasters."

She had also posted a letter written to her by Union Minister of State (Independent Charge) Jitendra Singh, who said the radar will have an operational range of 250 km and will be installed in Bengaluru by 2024. He also mentioned that the site for the radar installation has already been identified and the Centre had informed the state government to acquire the site. “But the site suggested by the minister is not feasible because of the elevation issues,” said Puviarsan.

According to IMD scientists, there should not be buildings higher than the radar within its range, as readings will be affected. Puviarasan said they have now identified a place within a government school in Bengaluru and are awaiting permission to establish the radar. He said usually land acquisition is a huge problem. “This time, it’s a government school. Here, we don’t even need to raise a boundary wall, as it exists already. So, we’ll see,” said the director. If this is not working out, he said IMD will go back to its initial plan and will establish the radar in Nandi Hills. Mangaluru radar, being established near Kadri, is expected to cover 250-300 km radius, putting regions prone to heavy rains during monsoons in Karnataka, like Agumbe, Hulikal, Talakaveri, Kerekatte and Bhagamandala within its range, said a IMD scientist. Earlier, in his presentation, Puviarasan had also said apart from Bengaluru and Mangaluru, one X-band DWR is coming up at Dharwad. He also said proposals have been submitted for S-band radar at Honnavara and C-band at Ballari.

Without a DWR, Karnataka has been depending on the radars in Goa, Hyderabad and Chennai for more accuracy in forecasts for thunderstorms and rainfall so far, said IMD officials. In his presentation, Director of KSNDMC, Bhoyar Harshal Narayanrao, talked about why Karnataka is vulnerable to hydro-meteorological and geological disasters. He also said 80 per cent of Karnataka is prone to drought, and that in the last 23 years (between 2001 and 2024), 16 years are drought affected. He also said maximum number of landslides leaving widespread damage and casualties have occurred in Uttara Kannada, Shivamogga, Chikkamamgaluru, Udupi, Dakshina Kannada, Kodagu, Hassan, Chamrajanagara Mysuru and Chikkaballapura. The year 2018 saw the most landslides, at 462, between 2006 and 2024. Narayanrao also said Karnataka is the only state in the south with its own disaster monitoring centre and seeing its success other states are also thinking of establishing one on the lines of KSNDMC. He said KSNDMC is also being approached by a few startups to involve Artificial Intelligence in disaster management. “We are taking a cautious approach towards the idea. We are looking into what AI can offer and will decide accordingly,” said Narayanrao.

Other presentations included an overview of IMD services by S Balachandran, head of Regional Meteorological Centre, Chennai and possible integration of climate services in support of Karnataka State Action Plan on climate change by K J Ramesh, Former Director General, IMD. Sanjeev Verma, AGM, Air Traffic Management, Airports Authority of India, Kempegowda International Airport, Bengaluru also made a presentation of how weather forecasting is integral for air traffic management.

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