Coffee Day Enterprises Ltd. said it signed a nonbinding letter of intent to sell the Global Village Tech Park in Bengaluru, India, to Blackstone Group Inc. for up to 30 billion rupees.
The Economic Times of India reported earlier in August that the company had indicated it was willing to revive talks for the sale of the 90-acre technology park, which it owns through its Tanglin Developments Ltd. unit.
Closing of the deal is contingent on completion of due diligence, documentation and receipt of regulatory approvals, which is anticipated in the next 30 to 45 days.
Coffee Day also said it received board approval for the sale of its AlphaGrep Securities Pvt. Ltd. unit for 280 million rupees. The Indian coffee chain operator noted that the transactions should help with its deleveraging plan.
As of Aug. 13, US$1 was equivalent to about 70.93 Indian rupees.