Does the Future Of Future Retail Lies With Adani, Ambani? April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, Reliance Retail ventures and 13 other firms have submitted expressions of interest (EOIs) for Future Retail
By Shrabona Ghosh •
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Companies led by Gautam Adani, chairman, Adani Group and Mukesh Ambani, chairman and managing director, Reliance Industries, have entered the race to acquire debt-laden Future Retail Ltd, said a report by Reuters.
"April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, Reliance Retail ventures and 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," it added.
The deadline for submission of EOIs ended earlier this month for Future Group's flagship retail unit, Future Retail. 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. 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, the report explained.
A total of 33 lenders had submitted loan claims of about INR 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. 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.
