Adani group, Reliance Industries and global asset reconstruction firm JC Flowers Asset Reconstruction Private Limited are among 48 eligible entities in the fray to acquire Future Retail Ltd, the debt-laden Indian retailer said.
Reliance Retail, part of Ambani’s Reliance Industries Ltd as well as April Moon Retail Pvt Ltd, a joint venture between Flemingo group and Gautam Adani-led Adani Airport Holdings, have submitted expressions of interest (EoIs), an exchange filing by Future Retail showed. Other entities that have submitted EOIs include London-based retailer WH Smith, a consortium led by U.S.-based restructuring firm Gordon Brothers and J.C. Flowers Asset Reconstruction.
“Please note that the inclusion of the aforementioned entities in the final list remains subject to receipt
and verification of all documents as sought / may be sought by the Resolution Professional and/ or his
authorized representatives,” Future Retail said in a statement.
Future Retail, once India’s second-largest retailer, was dragged into bankruptcy proceedings by banks after it defaulted on loans and its lenders also rejected a nearly Rs 25,000 crore buyout by Reliance amid a legal challenge by Amazon.com Inc.
Earlier, the NCLT has granted Future Retail Ltd (FRL) an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. Allowing FRL’s plea the Mumbai bench of the National Company Law Tribunal (NCLT) had extended the deadline to July 15, 2023, for concluding the CIRP of FRL.
The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default. The Insolvency and Bankruptcy Code (IBC) time frame for resolution is 330 days, inclusive of the time taken for litigation.
Future Retail currently has access to 302 leased retail stores spread across 23 states and Union Territories, consisting of 30 large format stores such as Big Bazaar and FBB stores and 272 small format stores.