{"id":257898,"date":"2022-11-11T08:32:00","date_gmt":"2022-11-11T08:32:00","guid":{"rendered":"https:\/\/haftavasool.com\/haftavasool\/?p=257898"},"modified":"2022-11-11T08:32:00","modified_gmt":"2022-11-11T08:32:00","slug":"gautam-adani-and-mukesh-ambani-led-groups-bid-for-debt-ridden-future-retail-report","status":"publish","type":"post","link":"https:\/\/haftavasool.com\/haftavasool\/blog\/2022\/11\/11\/gautam-adani-and-mukesh-ambani-led-groups-bid-for-debt-ridden-future-retail-report\/","title":{"rendered":"Gautam Adani And Mukesh Ambani-Led Groups Bid For Debt-Ridden Future Retail: Report"},"content":{"rendered":"

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\"Gautam<\/div>\n

Reliance group, Adani bid for India’s debt-ridden Future Retail<\/p>\n<\/div>\n

MUMBAI: <\/b><\/p>\n

Companies led by Asia’s richest man, Gautam Adani, and billionaire Mukesh Ambani, the owner of Reliance Industries have entered the fray to acquire India’s debt-laden Future Retail Ltd, a document seen by Reuters shows.<\/p>\n

April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, Reliance Retail ventures as well as 13 other firms have submitted expressions of interest (EOIs) for Future Retail.<\/p>\n

Future Retail’s court-appointed resolution professional (RP), Reliance Industries and Adani group did not immediately respond to emails seeking comment.<\/p>\n

The deadline for submission of EOIs ended earlier this month for Future Group’s flagship retail unit, Future Retail, which was once the country’s second-largest retailer.<\/p>\n

It was dragged into bankruptcy proceedings by banks 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.com Inc.<\/p>\n

The U.S. e-commerce giant has accused Future of violating certain contracts by dealing with Reliance.<\/p>\n

Other entities that have submitted EOIs include Shalimar Corporation Ltd, Nalwa Steel & Power, United Biotech, WHSmith Travel, Capri Global Holdings.<\/p>\n

A total of 33 lenders had submitted loan claims of about 210.6 billion rupees ($2.59 billion) in August under the ongoing insolvency process. The lead lenders include Bank of India and State Bank of India.<\/p>\n

Future Retail’s RP had set a deadline of Oct. 20 for submission of EOIs which had to be extended due to lack of interest.<\/p>\n

The final list of entities who have submitted the EOIs will be issued on Nov. 20, following which they will be asked to submit a resolution plan by December 15.<\/p>\n

($1 = 81.3620 Indian rupees)<\/p>\n

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