Blackstone's proposal for Coffee Day's tech park agreement likely next week

Private equity major Blackstone is likely to submit its final proposal for acquiring Global Village Tech Park, owned by Coffee Day Enterprises’ (CDEL) subsidiary Tanglin Developments, in the next three days. The board of CDEL is awaiting final proposal after which it will take a call, sources privy to the discussion, said.

On August 14, CDEL had announced its intent to sell Global Village Tech Park to Blackstone for a valuation of Rs 2,600 crore-Rs 3,000 crore.

Once done, the deal would provide substantial relief to the group by reducing its overall debt, which stood at Rs 4,970 crore. Multiple persons privy