<p>Coffee Day Enterprises missing founder-owner VG Siddhartha was in talks with global soft drinks giant Coca-Cola to sell his stake in the coffee chain.</p>.<p>According to multiple sources in the know, the company’s promoter group led by Siddhartha was trying to offload his stake in the company by 20-30 per cent to Coca Cola. “The company was in the early stages of the talks with The Coca-Cola Company,” a source privy to the development told <em>DH.</em></p>.<p>In fact, the contours of the deal were likely to be announced after the Coffee Day Enterprises’ board meeting on Tuesday, another source said.</p>.<p>According to the sources, the company was in talks with the top management of Coca-Cola from Atlanta. "Officials from the beverage maker's global team are engaged in active talks with the Coffee Day management," the source said.</p>.<p>If the deal goes through, it would be Coca-Cola's second major investment after acquiring UK-based Costa Coffee for $5.1 billion in September last year.</p>.<p>When contacted, Coffee Day Enterprises declined to comment on the issue.</p>.<p>The sale is said to be a part of the debt reduction programme that Siddhartha had embarked upon, which saw the company and its founder sell close to 20 per cent stake in mid-tier IT services company Mindtree for Rs 3,269 crore to engineering behemoth L&T.</p>.<p>The promoter group holds a 53.93 per cent of the stake in the Coffee Day Enterprises. Of this, Siddhartha owns a 32.75 per cent stake, while his wife and former Karnataka chief minister SM Krishna’s daughter Malavika Hegde held a 4.05 per cent stake. The remainder was held by the couple’s privately-owned entities -- Devadarshini Info Technologies Pvt Ltd, Coffee Day Consolidations Private Limited, Gonibedu Coffee Estates Pvt Ltd and Sivan Securities Private Limited.</p>
<p>Coffee Day Enterprises missing founder-owner VG Siddhartha was in talks with global soft drinks giant Coca-Cola to sell his stake in the coffee chain.</p>.<p>According to multiple sources in the know, the company’s promoter group led by Siddhartha was trying to offload his stake in the company by 20-30 per cent to Coca Cola. “The company was in the early stages of the talks with The Coca-Cola Company,” a source privy to the development told <em>DH.</em></p>.<p>In fact, the contours of the deal were likely to be announced after the Coffee Day Enterprises’ board meeting on Tuesday, another source said.</p>.<p>According to the sources, the company was in talks with the top management of Coca-Cola from Atlanta. "Officials from the beverage maker's global team are engaged in active talks with the Coffee Day management," the source said.</p>.<p>If the deal goes through, it would be Coca-Cola's second major investment after acquiring UK-based Costa Coffee for $5.1 billion in September last year.</p>.<p>When contacted, Coffee Day Enterprises declined to comment on the issue.</p>.<p>The sale is said to be a part of the debt reduction programme that Siddhartha had embarked upon, which saw the company and its founder sell close to 20 per cent stake in mid-tier IT services company Mindtree for Rs 3,269 crore to engineering behemoth L&T.</p>.<p>The promoter group holds a 53.93 per cent of the stake in the Coffee Day Enterprises. Of this, Siddhartha owns a 32.75 per cent stake, while his wife and former Karnataka chief minister SM Krishna’s daughter Malavika Hegde held a 4.05 per cent stake. The remainder was held by the couple’s privately-owned entities -- Devadarshini Info Technologies Pvt Ltd, Coffee Day Consolidations Private Limited, Gonibedu Coffee Estates Pvt Ltd and Sivan Securities Private Limited.</p>