Future Enterprises Ltd (FEL) on Friday said it has defaulted on debt repayment towards commercial paper. The company is unable to service its obligations in respect of the payment of commercial paper after its maturity and the gross principal amount on which the default has occurred on September14, 2020, is Rs 90 crore, it said.
"The delay in reporting is due to efforts being made by the company to make payment by mobilising certain funds to make payment and then submit report of having repaid with delay," FEL said. FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail business of the Future Group.
On August 29, 2020, the Future Group had announced to sell the retail and wholesale business to Reliance Retail. Earlier, it had announced to merge key group companies including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks into FEL.
