India's Future Retail receives 6 bankruptcy resolution bids

Future Enterprises

17/05/2023 14:17

BENGALURU, May 17 (Reuters) - Debt-ridden Future Retail
Ltd  FRTL.NS  said on Wednesday it had received bids from six
applicants in its insolvency resolution process. 
    The company did not disclose the name of the bidders.
    Future Retail, once India's second-largest retailer, was
dragged into bankruptcy proceedings by banks after it defaulted
on loans and its lenders rejected a $3.4 billion buyout by
Reliance Retail amid a legal challenge by Amazon.com Inc
 AMZN.O .
    Earlier in the day, ET reported that Reliance Retail - the
retail arm of Mukesh Ambani's Reliance Industries  RELI.NS  -
and Gautam Adani-led Adani Group had opted out of the final bid.
 
    A total of 49 bidders were eyeing to acquire the debt-laden
giant in April this year. 

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Sohini
Goswami)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878;))