Future retail news: From Mukesh Ambani to Gautam Adani have joined the race to buy debt-ridden Kishore Biyani’s company Future Retail. In fact, the 13 companies whose names have been finalized to buy Future Retail include Reliance Retail, Adani Group’s joint venture April Moon Retail and 11 other companies. Let us tell you that Future Retail has brands of stores like Big Bazaar, Foodhall and Easy Day. All the major cities of the country have retail space by the name of Big Bazaar. On the other hand, Reliance and Ambani are rapidly increasing their share in the retail market. In such a situation, if they buy future retail, then it will help them to grow their business rapidly.
These companies are also involved in buying
Apart from Reliance Retail and April Moon Retail, bidders include Capri Global Holdings, Dharmapal Satyapal, Nalwa Steel & Power, Shalimar Corp, SNVK Hospitality & Management, United Biotech and WH Smith Travel. The company’s lender Bank of India has dragged FRL into insolvency proceedings after defaulting on loan repayments. The company’s banks rejected Reliance Industries’ deal to acquire 19 group companies, including Future Retail, for Rs 24,713 crore. Banks have rejected the deal after Amazon’s challenge. November 3 was the last date for submission of expression of interest by prospective buyers.
No one objected to the release of the name
As per the latest information from the resolution professional of Future Retail Ltd. (FRL), these companies have been included in the final list of potential resolution applicants after obtaining NOC from the respective shareholders. As per the updated information, no objections have been received after the release of the list of potential resolution applicants on November 10, 2022. Significantly, Future Retail wanted to sell its assets to Reliance Industries for $ 3.4 billion, but could not do so amid a legal challenge from Amazon Inc. and went into debt. In February, Reliance closed over 950 Future Retail stores. Reliance did this after defaulting on rent payments. After this Reliance started its stores in these locations.
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