Siddhartha was eager to sell his Cafe Coffee Day stake to Coca-Cola?

coastaldigest.com web desk
July 30, 2019

Newsroom, Jul 30: Cafe Coffee Day founder V G Siddhartha, who was battling financial woes, was reportedly in talks with global soft drinks giant Coca-Cola to sell his stake in the coffee chain.

According to sources, Siddhartha was seeking a valuation of between Rs 8,000 crore and Rs 10,000 crore from Coca-Cola for the coffee chain he set up over two decades ago, while also aiming to retain a controlling stake in the business.

“The promoters are asking for a valuation of between four to five times of sales (in the coffee business) on the back of some valuation trends in the industry both companies are privy to,” a prominent newspaper quoted an unnamed source in the know of the matter.

The group’s coffee business expects to close the year ending March 2020 with sales of about Rs 2,250 crore, according to a senior company executive. The business, which includes some exports of the bean, had revenue of Rs 1,777 crore and Rs 1,814 crore in fiscal year 2018 and 2019, respectively, according to regulatory filings. CCD, set up in August 1996, has grown to include 1,750 stores across India with 60,000 vending machines. It also has outlets across Europe as well as in Malaysia, Nepal and Egypt.

The promoter group holds a 53.93 per cent of the stake in the Coffee Day Enterprises. Of this, Siddhartha owns a 32.75 per cent stake, while his wife and former Karnataka chief minister SM Krishna’s daughter Malavika Hegde held a 4.05 per cent stake. The remainder was held by the couple’s privately-owned entities -- Devadarshini Info Technologies Pvt Ltd, Coffee Day Consolidations Private Limited, Gonibedu Coffee Estates Pvt Ltd and Sivan Securities Private Limited.

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coastaldigest.com news network
June 29,2024

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Mangaluru: A wave of joy and nostalgia has swept over Tulu-speaking communities in coastal Karnataka with the exciting news that Tulu is now included in Google Translate. This significant development promises to elevate the language’s popularity and recognition on a global scale, filling hearts with pride and happiness.

"The addition of Tulu to Google Translate is a monumental achievement for the language and its speakers," beamed Karnataka Tulu Sahitya Academy chairman Tharanath Gatti Kapikad.

He expressed that the community is overjoyed, believing this step will expose Tulu to a broader audience, allowing people worldwide to appreciate its richness and beauty.

"With Tulu now available on such a widely used translation platform, the coastal district anticipates a surge in interest and curiosity about our language and culture. We also hope this recognition will help bring due prominence to the language. The people of Tulunadu have long been advocating for Tulu to be included in Schedule VIII of the Constitution and to be declared an official language of Karnataka," he shared.

Kapikad noted that while the academy did not directly influence this development, the introduction of Tulu Wikipedia has also played a crucial role in garnering recognition, as there are now several articles in Tulu on the platform. He encouraged people to send feedback to Google Translate to help improve the feature further.

MLAs D Vedavyas Kamath, U Rajesh Naik, Gurme Suresh Shetty, and others also praised Google Translate for adding the language. "I express sincere gratitude to the Google team for making Tulu available alongside 110 other languages," Kamath said with heartfelt appreciation.

This moment is not just a technological advancement but a celebration of Tulu heritage, invoking memories of a rich past and hopes for a flourishing future.

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Agencies
June 29,2024

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Bengaluru: Amid raging debate over the possibility of change in Chief Minister and demand for three more deputy chief ministers in Karnataka, state Congress president D K Shivakumar on Saturday asked partymen and leaders to refrain from issuing public statements on the issue and warned of disciplinary action.

Shivakumar, who is also the Deputy Chief Minister urged partymen to "shut their mouth" in the interest of the party, as he also requested seers not to interfere in political matters.

There is growing demand within the state cabinet to have three more deputy chief ministers from Veerashaiva-Lingayat, SC/ST and minority communities. Currently, Shivakumar from the dominant Vokkaliga community is the only Deputy Chief Minister in the Siddaramaiah cabinet.

A Vokkaliga seer Kumara Chandrashekaranatha Swamiji of Vishwa Vokkaliga Mahasamastana Math on Thursday had publicly urged Chief Minister Siddaramaiah to step down and make way for his deputy Shivakumar.

Following this a Veearashaiva-Lingayat seer -- Srisaila Jagadguru Channa Siddharama Panditaradhya Swamiji on Friday said ministers from his community should be considered for the CM's post in case there is a leadership change, while also pitching for them to be given priority in the event of creation of additional Deputy CM posts.

"There is no discussion on any Deputy Chief Minister nor there is any question about the Chief Minister. Swamiji (Vokkaliga seer) out of affection towards me might have spoken about me. That's all. I request -- I don't need anyone's recommendation. For the work we have done, our party high command will decide," Shivakumar said in response to a question whether he had discussed with the high command the demand for more DCMs during the Delhi visit.

Addressing reporters here, he said, "Kharge (AICC President Mallikarjun Kharge), Chief Minister Siddaramaiah and I, in the interest of the party, have decided how to function. So there is no need for any MLA or minister or Swamiji to speak. If they (seers) bless us it's enough."

There is no need for any minister to comment on the CM or Deputy CM issue in public or before the media, Shivakumar said and warned that "if any MLA or anyone from the party raises it, the AICC or I will be forced to issue notice and take disciplinary action. Discipline is important in the party. There is nothing without discipline."

"I know the struggle that has gone to bring the party to this level, there is no need for any of them to speak now."

Responding to a query, the Deputy CM said, "In the interest of the party I'm telling everyone -- if you shut your mouth it will be good for the party."

Asked about seers interfering in politics, he said, "No swamiji had spoken other than now...I request all of them with folded hands, don't interfere in political matters."

A section within the Congress is of the opinion that the statement by the ministers seeking three more Deputy CMs was part of a plan by Siddaramaiah's camp to keep Shivakumar in check, amid talks that he might seek the CM post after two-and-half years of this government's tenure, and to counter his influence both in the government and party.

There is also a feeling that the Vokkaliga seer publicly urging Siddaramaiah to step down and make way for Shivakumar is a counter to the CM from the KPCC president's camp.

There was stiff competition between Siddaramaiah and Shivakumar for the chief minister's post after the declaration of Assembly election results in May last year, and the Congress had managed to convince the latter and made him the Deputy Chief Minister.

There were some reports back then of a compromise having been reached based on a "rotational chief minister formula", according to which Shivakumar will become CM after two-and-half years, but those have not been officially confirmed by the party.

Shivakumar has made no secret of his ambition to become the CM, while Siddaramaiah had sought public support during the Lok Sabha polls so that the Congress wins the maximum number of seats in the state, which would strengthen his position.

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News Network
July 6,2024

Mangaluru: The Karnataka Development Programme (KDP) meeting chaired by district minister Dinesh Gundu Rao here on Friday, debated why Dakshina Kannada had not been sanctioned houses for the poor under various government schemes after the 2021-2022 period.

Puttur MLA Ashok Kumar Rai, raising the issue, said that although housing schemes had been sanctioned for all districts across the state, Dakshina Kannada had not been considered after 2021-22.

“It has been brought to my notice during a discussion with the housing minister, that the district has not submitted a demand for houses between 2021-22 and 2024-25,” Rai said.

When an official cited a technical reason, the minister stated that it was a serious lapse on the part of the officials. 

“There is a need for the initiation of disciplinary action against the concerned officials, because the district failed to sanction houses in the past four years, despite having government land. We cannot tolerate negligence in the implementation of the housing scheme for the poor,” the minister said. Officials informed that in the 10 years between 2010 and 2020, the district was sanctioned 64,123 houses. While 48,252 houses have been built, work on 4,898 is in progress, and the remaining are yet to be started.

Dakshina Kannada ZP CEO Anandh K said that as per a survey conducted in 2018, the district has a demand for 49,715 houses. However, no houses were sanctioned after 2022, he said.

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