Private equity giant Blackstone Group is in advanced negotiations with Café Coffee Day founder VG Siddhartha to buy Global Village Tech Park, a large commercial office facility in Bengaluru, for Rs 2,500 crore, two people with direct knowledge of the matter said.
Siddhartha is also engaged in active talks with various financial and strategic investors to sell his 21% stake in software services firm MindTree, which has its corporate headquarters at Global Village Tech Park. Discussions for the tech park and MindTreeNSE 0.41 % are separate but happening parallel to each other, the people said.
Global Village Tech Park is spread over 120 acres in west Bengaluru. It is owned by CCD’s wholly owned subsidiary, Tanglin, which is engaged in developing technology parks in Bengaluru and Mangaluru. “We are in talks and considering the pace of negotiations, we could sign a definitive pact by February,” said one of the two people. “However, if talks for MindTree stake get stretched, this can have an impact on Tanglion share sale as well.”
New York-based Blackstone declined to comment. Siddhartha too did not respond to a mailed query until the time of going to press.
In its annual investor presentation in March 2018, CCD had said the tech park had total let-out office space of more than 3.3 million sq ft.
Source: Economic Times