Reliance, Adani among 49 bidders to show interest in Big Bazaar owner Future Retail

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49 companies show
interest in Future Retail

49 players including Reliance Retail, Jindal Power and Adani group have submitted Expression of Interest for acquiring the assets of debt-ridden Future Retail (FRL), which is currently going through insolvency resolution process [{ "selector": ".outqk-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 429px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".jmren-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Reliance evinces interest in FRL

Reliance Retail Ventures Ltd, which is the holding company for retail operations of RIL, has again submitted EoI after the lenders of Future Retail decided to invite fresh bids [{ "selector": ".tmwfk-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 453px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".aouon-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Adani shows interest
in FRL's assets

April Moon Retail Private Ltd, a joint venture between Gautam Adani-led Adani Airport Holdings and Flemingo group also submitted EoI [{ "selector": ".ozqqr-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 463px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".dluiq-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Big bidders for
Future Retail

Some of the other players who have submitted EoI include a consortium led by US-based restructuring firm Gordon Brothers, Harsha Vardhan Reddy, J C Flowers ARC, Pinnacle Air, Universal Associates, Sahara Enterprises, WHSmith Travel Ltd among others [{ "selector": ".eeari-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 424px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".iklew-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Future Retail's outlets

FRL operated multiple retail formats in both the hypermarket supermarket and home segments under brands, such as Big Bazaar, Easyday, and Foodhall. At its peak, FRL was operating over 1,500 outlets in nearly 430 cities [{ "selector": ".wkkkg-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 444px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".sqbrj-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Reliance-Future failed deal

Future Retail, once India's second-largest retailer, was dragged into bankruptcy proceedings by banks after it defaulted on loans and its lenders also rejected a Rs 24,713-crore buyout by Reliance amid a legal challenge by Amazon.com Inc [{ "selector": ".dzgxl-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 444px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".bnfjz-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Future Retail's debt

Financial creditors have claimed Rs 21,057 crore from Future Retail while operational creditors have claimed another Rs 265 crore [{ "selector": ".cfpeu-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 464px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".kxpoj-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Kishore Biyani withdrew
resignation

On March 15, almost six weeks after resigning from the suspended board of FRL, Future Group founder Kishore Biyani has withdrawn his resignation, after the Resolution Professional raised objections to the contents of resignation letter [{ "selector": ".jjcsf-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 436px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".ozpat-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

CIRP initiated by Bank
of India

Corporate Insolvency Resolution Process was initiated against FRL by its lender Bank of India after it defaulted on loans [{ "selector": ".dwmqz-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 463px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".xirox-a", "duration": "1000ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

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Reliance, Adani among 49 bidders to show interest in Big Bazaar owner Future Retail

Produced by: J JagannathDesigned by: Mohsin

49 companies show interest in Future Retail

Reliance evinces interest in FRL

Adani shows interest in FRL's assets

Big bidders for Future Retail