Siddhartha, who already controls an expansive 10,500 acres, has acquired about 900 acres under Kumergode Estates, situated in Mudigere taluk, Chikmagalur for an estimated Rs 40-Rs 50 crore.
Kumergode Estates primarily cultivates Arabica crop on its estates and also has a small presence in minor crops such as paddy, cardamom and pepper.
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Siddhartha, who hails from Chikmagalur, has over the years been rapidly acquiring coffee estates under the Amalgamated Bean Coffee Trading Company Limited, which is amongst the top three coffee exporters from India.
ABCTCL presently has 12 major coffee estates supplying coffee to various countries besides catering to its coffee retail chain across India, which is present across over 1,500 locations in India.
This move by Siddhartha to consolidate and expand his presence across Chikmagalur coffee estates comes at a time when Bangalore-based real estate developer - India Builders Corporation, has been aggressively expanding its holdings and is understood to have control over 5,000 acress of coffee estates and is looking to consolidate further.
According to industry analysts, an acre of coffee estate in Chikmagalur, depending on the kind of coffee crop, costs between Rs 10 lakh and Rs 25 lakh an acre. In addition to the expansive coffee estates, Siddhartha is also developing an uber-premium hospitality business under - The Serai - the flagship property, which is spread across close to 70 acres of coffee estate in Chikmagalur.
Senior industry sources indicated that Siddhartha has been investing back substantially to develop the society in Chikmagalur through education and healthcare support across villages and also to take care of the coffee cultivators across the region.
"He has an intense passion to develop Chikmagalur and promote employment generation activities in the region," a senior industry official close to Siddhartha told Business Standard.
In addition to the expansive and pristine coffee estates, Siddhartha has also put up a small processing plant employing locals to make furniture for his cafes across India.
He is also in the process of setting up an expansive furniture processing unit in Chikmagalur and is understood to have acquired as much as 60 acres for the same.
Even as he is consolidating his coffee estates, Siddhartha is also understood to be in various stages of raising as much as $100 million in his principal holding company.
'He has had discussions with PE funds including TA Associates among others. There has been interest from strategic players as well," senior industry officials indicated to Business Standard.