[ad_1]
Future Retail: Companies of Mukesh Ambani and Gautam Adani were involved in the first race to buy the bankrupt company, but now both these companies have taken their step back from buying the bankrupt company. However, apart from these, many more are involved in the final bidding process to buy it.
A report says that Mukesh Ambani’s Reliance Industries and Adani Group have opted out of the final bidding process to buy Future Retail. According to the report of ET Now, bids have been received from six companies for the final bidding process of Future Retail.
Which companies after Ambani and Adani
According to reports, realty firm Space Mantra has submitted a bid application to buy Future Retail. At the same time, five others can bid for some parts of Future Retail. Pinnacle Air , Palgun Tech LLC and Lehar Solutions have submitted applications to acquire parts of the company. Apart from this, Goodwill Furniture and Sarvabhista E-Waste Management have also submitted bids.
Creditors want to raise loan of how many crores
It has been said in the report that 49 expressions of interest had come to buy the company. First of all, the application was submitted by Mukesh Ambani’s company Reliance Industries and Gautam Adani’s group. It has been said in the report that a claim has been made to raise Rs 20,000 crore from the financial creditors.
When was EOI sought
On March 23, 2023, the creditors of Future Retail had invited EOI, so that bids could be made to buy the company. The submission deadline was extended twice for 11 bidders, including Reliance, but the final bid was not given. EOI was invited from potential bidders on 4 October 2022 under the Insolvency and Bankruptcy Code.
About Future Retail
FRL operates a number of retail brands in both the hypermarket supermarket and home segments under brands such as Big Bazaar, Easyday and Foodhall. At its peak, the company was operating over 1,500 FRL outlets across 430 cities.
read this also
[ad_2]
Source link