Future retail, Adani-Ambani face-to-face! Reliance retail, adani group and 11 other companies enter in final list of prospective buyers for future retail IG News

New Delhi: Reliance Retail, Adani Group’s joint venture April Moon Retail and 11 other companies appear to be on the final list of potential bidders to buy debt-laden Futures Retail. Future Retail Limited As per the latest information received from Future Retail’s resolution professional, these companies have been included in the final list of potential resolution applicants after receiving NOCs from the respective shareholders.

Apart from Reliance Retail and April Moon Retail, bidders include Capri Global Holdings, Dharmapal Satyapal, Nalwa Steel & Power, Shalimar Corp, SNVK Hospitality & Management, United Biotech and WH Smith Travel. As per the latest information, no objections were received after the release of the list of potential resolution applicants on 10 November 2022. November 3 was the deadline for expressions of interest by potential buyers.

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Gautam Adani and Mukesh Ambani, two of the country’s biggest industrialists, are rapidly expanding their businesses, which is why they have shown interest in buying Kishore Biyani’s company, Future Retail. The company is going through bankruptcy resolution.

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Future Retail’s resolution professional said the list of potential bidders will be released on November 20. After this, the Sankalp Yojana will have to be submitted by December 15, which will be binding. Future Retail has store brands like Big Bazaar, Foodhall and Easy Day. Currently, the company operates around 300 stores across the country, including 30 large format and 272 small format stores. However, there has been a major decline in these shops in recent times.

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In August 2020, Reliance Retail Ventures signed a deal to buy Future Group’s retail, wholesale, logistics and warehousing business for Rs 24,713 crore, but US giant Amazon opposed the deal. In April this year, Reliance withdrew from the deal. After the deal was announced, Reliance had provided some financial support to Future to run its operations. But in February, Reliance closed more than 950 Future Retail stores. After this Reliance started its store in this place.

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