S.V. Ranganath has a lot on his plate right now. While he is still in mourning after the death of dear friend V.G. Siddhartha, founder of the Cafe Coffee Day chain, he has been entrusted with the job of getting the company, which has been struggling with huge debt, out of trouble. Former Karnataka chief secretary and chairman of the Coffee Board, Ranganath joined the board of Coffee Day Enterprises Limited (CDEL), the holding company of the Cafe Coffee Day chain and some 40 other subsidiaries, when it went public in 2015. In an exclusive interview, he speaks about the future of the company and his priorities.
As the interim chairman, what is your immediate priority for the company?
My immediate priority will be to revive the business and to safeguard the future of the CDEL employees and all the stakeholders of the enterprise. As the business has taken a backseat, it needs to be seen how to instill confidence back into the shareholders and employees and other stakeholders, such as coffee planters associated with the company. Since CDEL is a listed company, we are answerable to all the stakeholders as they have invested their hard-earned money into it. We will continue to take corrective measures to revive the business and will keep the regulators informed about our moves and announcements on a regular basis.
Companies such as Coca-Cola and ITC are said to have shown interest in acquiring a stake in Cafe Coffee Day.
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