Reliance group, Adani bid for India's debt-ridden Future Retail

Future Enterprises

10/11/2022 16:13

By Nupur Anand
       MUMBAI, Nov 10 (Reuters) - Companies led by Asia's
richest man, Gautam Adani, and  billionaire Mukesh Ambani, the
owner of Reliance Industries  RELI.NS  have entered the fray to
acquire India's debt-laden Future Retail Ltd  FRTL.NS , a
document seen by Reuters shows.
    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. 
    Future Retail's court-appointed resolution professional
(RP), Reliance Industries and Adani group did not immediately
respond to emails seeking comment.
    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.
    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  AMZN.O .
    The U.S. e-commerce giant has accused Future of violating
certain contracts by dealing with Reliance. 
    Other entities that have submitted EOIs include Shalimar
Corporation Ltd, Nalwa Steel & Power, United Biotech, WHSmith
Travel, Capri Global Holdings.
    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
 BOI.NS  and State Bank of India  SBI.NS .
    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. 
    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.
($1 = 81.3620 Indian rupees)
 (Reporting by Nupur Anand; Editinng by Emelia Sithole-Matarise)
 ((Nupur.Anand@thomsonreuters.com; +9122 68414388;))