13 Companies Bid to Acquire Future Retail, Include Adani and Ambani
13 Companies Bid to Acquire Future Retail, Include Adani and Ambani

Gautam Adani and Mukesh Ambani-run firms are among the 13 companies to submit initial bids to acquire debt-laden Future Retail Ltd.

Ambani’s Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd, submitted the expression of interest (EoI) under insolvency proceedings initiated to recover dues Future Retail owes to lenders.

April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group, also submitted an EoI.

Future Retail was dragged into bankruptcy proceedings after it defaulted on loans and its lenders rejected a Rs 24,713 crore takeover of its assets by Reliance amid a legal challenge by Amazon.

Other entities that have submitted EOIs include Boomidala Enterprises Pvt Ltd, Capri Global Holdings Pvt Ltd, Shalimar Corporation Ltd, Nalwa Steel & Power, United Biotech, WHSmith Travel, and United Biotech Pvt Ltd.

The consortium of B-Right Real Estate Ltd and Ayekart Fintech Pvt Ltd, Dharampal Satyapal Ltd, Dickey Alternative Investment Trust (DAIT), Payard Investments Pvt Ltd, and SNVK Hospitality and Management Pvt Ltd were other bidders.

State Bank of India (SBI), Bank of India (BoI), and 31 other lenders had submitted loan claims of about Rs 21,060 crore in August under the insolvency process.

“Certain issues pertaining to the expressions of interest received from the prospective resolution applicants have been noticed and the same has been duly communicated to the prospective resolution applicants by the resolution professional and/or his authorized representatives,” said the filing.

 

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