Blackstone Group Inc. and Coffee Day Enterprises Ltd. have "indicated willingness" to revive discussions for the sale of the coffee company's 90-acre technology park in India for an estimated 30.00 billion rupees, The Economic Times of India reported, citing people directly aware of the development.
One of the unnamed sources told the publication that there is no certainty when and if the latest negotiations between Blackstone and the owner of Coffee Day, the Siddhartha family, will result in a formal agreement.
If pursued, the sale of the property to the private equity giant is expected to help reduce the cafe chain operator's debts, according to the paper.
Blackstone declined to comment regarding the talks, while an emailed query to Coffee Day did not elicit a response, the Aug. 2 report added.
As of Aug. 2, US$1 was equivalent to 69.69 Indian rupees.