Future Retail, part of the Future group ledby Kishore Biyani, was once the second-largest retail group in the country. However, it was unable to meet its financial obligations, which led to bankruptcy proceedings against the firm. Big Bazaar and Easy Day are the most notable brands under its wings.
The firm’s lenders had rejected a sale of its assets to Reliance amid a legal challenge by Amazon where the US ecommerce giant had accused Future of violating certain contracts.
April Moon Retail Private Limited, which is a joint venture between Adani Airport holding Limited and promoters of the Flemingo Group, Reliance Retail ventures and 13 other firms have submitted expressions of interest (EOIs) for Future Retail.
As per the modified invitation for submitting an EoI, the deadline for the submission of the resolution plan is December 15, 2022.
Others to have submitted an EoI include WHSmith Travel, Capri Global Holdings, Shalimar Corporation Ltd, Nalwa Steel & Power and United Biotech.
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.
Prospective applicants are required to have a minimum tangible net worth of Rs 100 crore along with minimum assets under management (AUM) or committed funds available for investment amounting to Rs 250 crore.
Reliance Retail is the largest retailer in India in terms of revenue, with a valuation of $150 billion. It acquired Urban Ladder in 2020 and announced a partnership with US convenience store chain 7-Eleven. Top subsidiaries include Reliance Fresh, Reliance Smart, Reliance Digital and Reliance Trends.
The Adani Group is led by Gautam Adani, Asia’s richest man. According to Forbes, he has a net worth exceeding $140 billion. The group is only the third Indian conglomorate to have a market cap in excess of $200 billion. Adani Power, Adani Ports & SEZ and Adani Wilmar are some of the most popularly recognised subsidiaries of the group.
