Cafe Coffee Day, India’s largest retail coffee chain, remains in limbo following the death of company founder V.G. Siddhartha. Now management is looking to restart talks with Coca-Cola in an effort to reduce the company’s debt, according to reports.
Siddhartha, who was embroiled in a complex battle with Indian government tax authorities, disappeared in late July. His body was found days later in the Netravati River near the city of Mangaluru. Even before the river discovery, a letter purportedly signed by Siddhartha was found. In it, the author wrote that he was receiving “a lot of harassment” from the government and that he took responsibility for “all mistakes.”
Talks with Coca-Cola already were underway in June, weeks before Siddhartha’s death, according to reports. Those negotiations to have Coca-Cola own a controlling stake in the troubled company stalled. Efforts by Café Coffee Day to start resume talks have been reported but a spokesperson for Coca-Cola refused comment, terming such talk “speculative news.”