- Saturday, March 01, 2025
By: Shubham Ghosh
Companies led by some high-profile Indian industrialists, including Gautam Adani and Mukesh Ambani, a British retailer and global asset reconstruction firms are among 49 entities in the run to acquire Future Retail Ltd, the debt-ridden Indian retailer on Monday (10) said, according to Reuters.
Expressions of interest (EoIs) have been submitted by Reliance Retail, part of Ambani’s Reliance Industries Ltd and April Moon Retail Pvt Ltd, a joint venture between Flemingo Group and Adani-led Adani Airport Holdings, an exchange filing by Future Retail has shown, the report added.
Among other entities that have submitted EoIs are UK-based retailer WH Smith, a consortium led by US-based restructuring company Gordon Brothers, J.C. Flowers Asset Reconstruction, India’s Jindal Power, and Harsha Vardhan Reddy, an individual investor, the report added.
The Economic Times daily reported that Future Retail’s court-appointed resolution professional held a second round of EoIs since the first did not have adequate participants.
Once India’s second-largest retailer, Future Retail found itself in bankruptcy proceedings by banks after it defaulted on loans. Its lenders also rejected a $3.4 billion buyout by Reliance amid a legal challenge by Amazon.com Inc.
