As per ET NOW’s sources, both Reliance Retail and Adani Group, two prominent Indian conglomerates, have chosen not to participate in the final bidding process for Future Retail. The report indicates that six bids have been received from relatively lesser-known companies. Space Mantra, a realty firm, has reportedly submitted the highest bid for the entire company, while the remaining five applicants have expressed interest in acquiring specific parts of Future Retail.
In addition to Space Mantra, Pinnacle Air, Palgun Tech LLC, and Lehar Solutions have submitted bids to acquire parts of Future Retail. Good Will Furniture and Sarvabhista E waste management are among the other bidders, as per the report. It is noted that there were a total of 49 Expression of Interest (EoI) received for Future Retail. Reliance Retail and Adani Group had previously submitted EoIs. The financial creditors of Future Retail have claimed approximately Rs 20,000 crore, according to sources. The Mumbai-based NCLT bench had granted a 90-day extension until July 15, 2023, for the conclusion of the Corporate Insolvency Resolution Process (CIRP) in April.
On March 23, 2023, creditors of Future Retail Limited (FRL) opened the invitation for new Expression of Interests (EoIs) as the company faced significant financial challenges. Prospective buyers were given the opportunity to bid for the debt-ridden firm as a whole, individual clusters, or a combination of its assets. Despite previously finalizing 11 prospective bidders, including Reliance and April Moon Retail, Future Retail failed to secure a resolution plan within the designated time frame. The Committee overseeing the insolvency resolution process has been working towards finding a viable solution for the company.
