Reliance, Adani Group Among 15 Bidders for Future Retail in India

Reliance, Adani Group Among 15 Bidders for Future Retail in India
Photo: pixabay.com 14.11.2022 79

Billionaire Mukesh Ambani's Reliance and billionaire Gautam Adani's Adani Group have filed expressions of interest (Eol) in buying Future Retail under insolvency proceedings initiated to recover dues Future Retail owes to lenders.

EoIs have also come in from DS Group, Dickey Alternative Investment Trust, SNVK Hospitality, Capri Global, a B Right Real Estate-Ayekart Fintech consortium, WHSmith Travel, United Biotech, Bommidala Enterprises, Nalwa Steel and Power, Gordon and Payard, UV Multiple Asset Investment Trust, Shalimar Corporation and a consortium led by Bhumireddy Gari Mohan Reddy, reported The Economic Times.

The Future Retail RP said the final list of prospective bidders will be announced on November 20.

Banks initiated bankruptcy proceedings against Future Group's flagship retail unit, Future Retail after it defaulted on loans and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries amid a legal challenge by Amazon.

State Bank of India (SBI), Bank of India (BoI) and 31 other lenders had submitted loan claims of  about 210.6 billion rupees ($2.59 billion) in August under the insolvency process.

Future Retail owns store brand names such as Big Bazaar, Foodhall and Easy Day, among others. It currently operates about 300 stores - 30 large format and 272 small-format ones - though footfall has dropped drastically due to poor inventory and lack of warehouse space.

Sources: The Economic Times, Indiaretailing.com

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