Bangalore, February 26: Blackstone Group proceeded with the acquisition of Coffee Day's technology park and it is about to pay the first portion of Rs 150 crore as soon as Wednesday. According to a Livemint report,  the fund will pay another Rs 2,000 crore in the next two weeks for Global Village Tech Park. The remaining, which is Rs 550 crore, will be paid within a year.

Coffee Day, which runs India’s largest coffee chain, has been trying to sell assets to repay its debt after the unexpected death of its founder V. G. Siddhartha last year. Before committing suicide, VG Siddhartha wrote a letter to employees and the board of directors of CCD which revealed he was in deep debt. CCD Founder VG Siddhartha Death: Here's What Led to Fund Crunch in Cafe Coffee Day.

Last year CCD parent company Coffee Day Enterprises reached a definitive agreement to sell its Global Village Technology Park in Bangalore to Blackstone and southern developer Salarpuria Sattva in a deal. However, it got delayed because Yes Bank didn't issue the so-called no-objection certificate for the transaction.

(The above story first appeared on LatestLY on Feb 26, 2020 05:32 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).