Future Retail Sale | 49 entities including Reliance Retail, Adani JV submit expression of interest

Future Retail on April 8 had released a list of 49 entities that submitted expressions of interest (EoI) for the bankrupt company.

According to the list, prospective bidders include Reliance Retail, Jindal Power, April Moon Retail and JC Flowers. April Moon Retail is a joint venture between Adani Airport Holdings and the Flamingo Group.

This is the second round of EoIs that have been invited. In November 2022, about 13 EoIs were received and at the time too April Moon Retail, Reliance Retail had submitted their bids. However despite being shortlisted, the resolution plans were not submitted by any of the players despite the deadline being extended twice.

Future Retail entered insolvency proceedings in July 2022 and, as of March 2023, creditors have claimed dues worth about Rs 21,555 crore — of these about Rs 19,183 crore have been admitted.

The final list of the prospective applications will be released on April 13, following which the deadline for submitting the resolution plans will be May 15.

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