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Coffee Day to sell Bengaluru tech park to Blackstone, Salarpuria

India's Coffee Day Enterprises Ltd. said Sept. 17 that it entered into an agreement with affiliates of Blackstone Group Inc. and Salarpuria Sattva Pvt. Ltd. for the 27.00 billion-rupee sale of Global Village Technology Park in Bengaluru, India.

The affiliates of Blackstone and Salarpuria will invest in Tanglin Development Ltd.'s GV Techparks Pvt. Ltd. subsidiary as part of the transaction. Completion of the deal is subject to the transfer of the targeted 90-acre property to GV Techparks and the receipt of regulatory approvals.

Coffee Day noted that the transaction is expected to reduce its debt, which amounted to 49.70 billion rupees as of Aug. 17.

As of Sept. 17, US$1 was equivalent to 71.49 Indian rupees.