Reliance group, Adani bid for India’s debt-ridden Future Retail

Companies led by Asia’s richest man, Gautam Adani, and billionaire Mukesh Ambani, the proprietor of Reliance Industries have entered the fray to accumulate India’s debt-laden Future Retail Ltd, a doc seen by Reuters reveals.

April Moon Retail Private Ltd, a three way partnership between Adani Airport holdings and Flemingo group, Reliance Retail ventures in addition to 13 different companies have submitted expressions of curiosity (EOIs) for Future Retail.

Future Retail’s court-appointed decision skilled (RP), Reliance Industries and Adani group didn’t instantly reply to emails looking for remark.

The deadline for submission of EOIs ended earlier this month for Future Group’s flagship retail unit, Future Retail, which was as soon as the nation’s second-largest retailer.

It was dragged into chapter 11 proceedings by banks after it defaulted on loans and its lenders rejected a $3.4 billion sale of its belongings to market chief Reliance Industries amid a authorized problem by Amazon.com Inc.

The U.S. e-commerce large has accused Future of violating sure contracts by coping with Reliance.

Other entities which have submitted EOIs embody Shalimar Corporation Ltd, Nalwa Steel & Power, United Biotech, WHSmith Travel, Capri Global Holdings.

A complete of 33 lenders had submitted mortgage claims of about 210.6 billion rupees ($2.59 billion) in August beneath the continued insolvency course of. The lead lenders embody Bank of India and State Bank of India.

Future Retail’s RP had set a deadline of Oct. 20 for submission of EOIs which needed to be prolonged because of lack of curiosity.

The ultimate record of entities who’ve submitted the EOIs might be issued on Nov. 20, following which they are going to be requested to submit a decision plan by December 15. ($1 = 81.3620 Indian rupees) (Reporting by Nupur Anand; Editinng by Emelia Sithole-Matarise)