Home Business Future Retail bid deadline extended due to weak interest: Report

Future Retail bid deadline extended due to weak interest: Report

The deadline had expired on October 20, but has been extended till November 3 (File)

Mumbai:

India’s debt-ridden Future Retail Ltd’s resolution professional has extended the deadline for potential buyers to submit their bids to the retailer, two banking sources said on Friday.

According to an updated document released by Solution Professionals (RP), the deadline expired on October 20, but has been extended to November 3.

“There were hardly any bids and there were no significant bids, so it has been decided that we should give more time to see if there is more,” said a senior official at a government lender that invests in Future Group. Speeches come.”

Future Retail’s RP did not immediately respond to an email seeking comment.

Future Retail, the flagship retail arm of the Future Group, was once the country’s second largest retailer, but has been in bankruptcy proceedings after defaulting on loans and its lenders rejecting a $3.4 billion sale of its assets to market leader Reliance Industries. done.

The company’s lenders submitted loan claims worth about 210.58 billion rupees ($2.55 billion) in August as part of the ongoing insolvency process. Major lenders include Bank of India and State Bank of India.

A total of 33 banks, including Bank of New York Mellon, HDFC Bank and Barclays Bank Plc, had filed the claim.

Banks earlier this year rejected Future’s $3.4 billion sale of its retail assets amid a legal challenge by US e-commerce giant Amazon.com Inc. Operated is accused of breaching certain contracts with Reliance. Mukesh Ambani.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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