Adani Airport, Reliance, Others Intends To Acquire Future Reatail


April Moon Retail, a joint venture between Adani Airport Holdings and Flemingo Group, Reliance Retail Ventures, and 13 other companies have expressed interest in Future Retail.

The deadline for submitting expression of interest (EOI) for Future Group’s flagship retail unit, Future Retail, passed earlier this month.

Banks dragged it into bankruptcy proceedings after it defaulted on loans, and its lenders rejected a $3.4 billion sale of its assets to market leader Reliance Industries, despite’s legal challenge.

The American e-commerce behemoth has accused Future of breaching certain contracts by doing business with Reliance.

Shalimar Corporation, Nalwa Steel & Power, United Biotech, WHSmith Travel, and Capri Global Holdings have also submitted EOI.

A total of 33 lenders had submitted loan claims of about 210.6 billion rupees ($2.59 billion) in August under the ongoing insolvency process. The lead lenders include Bank of India and State Bank of India.

Future Retail’s RP had set a deadline of Oct. 20 for submission of EOIs which had to be extended due to lack of interest.

The final list of entities who have submitted the EOIs will be issued on Nov. 20, following which they will be asked to submit a resolution plan by December 15.

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