Future Retail: 49 Suitors In Fray For Bankrupt Retailer

A total of 49 suitors, including Reliance Retail Ventures Ltd. and Jindal Power Ltd., have shown interest in acquiring the bankrupt Future Retail Ltd.

Other prospective resolution applicants include AR India Scrap Solutions, April Moon Retail Private Ltd., a consortium of Payard Investments Private Ltd. and Gordon Brothers International LLC, and J.C. Flowers Asset Reconstruction Private Ltd., Future Retail’s Resolution Professional Vijaykumar Iyer said in a stock exchange announcement.

The development came after Iyer sought fresh expression of interest for the company by giving two options after the previous attempt yielded no resolution plans from suitors.

Future Retail, which failed to get any bids by the submission deadline in February despite initial interest from several suitors, was admitted into an insolvency resolution by the National Company Law Tribunal (NCLT) in July 2022.

The insolvency resolution process was started against Future Retail following a petition by the company’s financial creditor Bank of India over an alleged default amount of 1,441.62 crore rupees ($176 million).

(Note: $1 = 81.8806 Indian rupees)

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