India's Reliance Retail eligible to submit resolution plan for Future Enterprises bankruptcy

Future Enterprises

12/07/2023 06:26

BENGALURU, July 12 (Reuters) - The retail arm of
Reliance Industries  RELI.NS  is among three companies eligible
to submit a plan for the debt-ridden Future Enterprises
 FURE.NS 's bankruptcy proceedings, Future's resolution
professional disclosed in an exchange filing on Wednesday.
    Indian billionaire Mukesh Ambani's Reliance Retail Ventures,
galvanised steel sheet maker Jindal (India) and Donear
Industries-owned textiles maker GBTL  DONE.NS  have been listed
as prospective resolution applicants for the Future Group
company, said Avil Menezes.
    Menezes is a court-appointed resolution professional
overseeing the company's affairs during the bankruptcy
proceedings.
    Reliance Retail is also among a list of 49 companies eyeing
another Future Group company, Future Retail  FRTL.NS .    
    Future Enterprises houses various businesses such as supply
chain solutions and insurance, while Future Retail used to
operate brands such as department chain Big Bazaar and
supermarket chain Easyday.
    Future Retail was dragged into insolvency proceedings by
banks in July 2022 after it defaulted on loans and its lenders
rejected a $3.4 billion buyout by Reliance amid a legal
challenge by Amazon.com Inc  AMZN.O . Future Enterprises was
admitted to insolvency in March.
    In May, Future Retail said it received six bankruptcy
resolution bids without disclosing the names of the bidders.
    

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Janane
Venkatraman)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))