Debt-ridden Future Retail Ltd has released a provisional list of applicants who have expressed interest in submitting a resolution plan. 49 companies including Reliance Retail, WH Smith, JC Flowers ARC and Sahara Enterprises have come forward for Future Retail. An international consortium led by Gordon Brothers and Jindal Power have expressed interest in Future Retail. With this, shares of Future Retail rose 4.17 percent and reached the upper circuit in Monday’s trade.
Lenders have claimed Rs 21,057 crore from Future Retail and operational creditors have claimed Rs 265 crore.
Future Enterprises consists of 19 group companies operating in retail, wholesale, logistics and warehousing segments. Future Enterprises was to be transferred to Mukesh Ambani’s Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020. In April last year, Reliance Industries Ltd had withdrawn this agreement.
Future Group has large and small format stores under the Big Bazaar brand. The firm, a 100% subsidiary of the company, has around 100 stores under the WH Smith brand. The company also owns Foodhall brand stores.
Last month, Future Retail Limited had announced that the company’s Executive Chairman and Director Kishore Biyani had withdrawn his resignation. The company is currently undergoing bankruptcy proceedings.
