Reliance Retail Ventures, owned by Indian billionaire Mukesh Ambani, Jindal (India) a steel sheet maker, and GBTL, a textile maker owned by Donear Industries, are eligible to submit a rescue plan for Future Enterprises, currently in bankruptcy proceedings, according to a recent stock exchange filing.
What Happened? Per a Reuters report, Avil Menezes, a court-appointed professional managing the process, confirmed the development.
Reliance Retail is also showing interest in another Future Group company, Future Retail, among 49 other firms. Future Enterprises hosts various operations, including supply chain solutions and insurance. Future Retail formerly managed brands such as the Big Bazaar department chain and Easyday supermarket chain.
Future Retail went into bankruptcy proceedings in July 2022 after defaulting on loans, and its lenders turned down a $3.4 billion (₹28,008 crore) acquisition proposal from Reliance due to a legal dispute with Amazon. Future Enterprises entered insolvency in March.
In May, Future Retail reported receiving six rescue proposals in its bankruptcy process but did not disclose the bidders’ names.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.