The logo of Cafe Coffee Day is pictured at one of its outlets in Kolkata, India, July 31, 2019. REUTERS/Rupak De Chowdhuri

BENGALURU (Reuters) – Coffee Day Enterprises Ltd said on Wednesday it planned to sell a tech park it owned in the southern Indian city of Bengaluru to Blackstone for up to 30 billion rupees ($421 million), in an effort to cut debt.

The announcement comes weeks after the company’s founder was found dead in a river in southern India, sparking speculation that he was under intense financial strain and prompting the company to look for options to deleverage its assets.

Coffee Day said it entered a non-binding letter of intent with U.S.-based private equity firm Blackstone for the sale. It also approved the sale of AlphaGrep Securities, a trading firm it owns for 280 million rupees.

($1 = 71.2725 Indian rupees)

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