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INDIA BUSINESS WORLD - 16th JANUARY - TO - 31st JANUARY - 2009
COFFEE DAY RESORTS ACQUIRES CICADA RESORTS FOR RS 38 CRORE
Coffee Day Resorts, a subsidiary of India’s largest coffee conglomerate Amalgamated Bean Coffee Trading Company (ABCTCL), has acquired Cicada Resorts for roughly Rs 38 crore. ABCTCL is also the holding company of the cafe chain network under the Coffee Day brand. Coffee Day has acquired the entire shareholding of Cicada Resorts, which also had Premji Invest, a PE arm of IT czar Azim Premji, as an investor. Coffee Day did not disclose the financial details while announcing the buyout. With two properties at Kabini and Bandipur, Cicada Resorts is an ecotourism destination.
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