Tag: future group

After the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -Future Lifestyle Fashions, and Future Supply Chain Solutions, Future Consumer, and Future Enterprises, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). According to some industry sources, other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors. Read more

India’s apex court on Friday ruled in favor of Amazon, as Reliance cannot go ahead with its 24,713 crore deal to buy Future Groups retail assets. The court backed an arbitrator's decision to pause the deal in the Jeff Bezos Vs Mukesh Ambani legal fight. The verdict comes as a big win for e-commerce giant Amazon in the battle for the large Indian market. The US-based company had filed pleas against the merger of Future Retail Ltd (FRL) with Reliance Retail.The Indian Supreme Court said the order by a Singapore arbitration court last year which had ruled to stall the deal between the two Indian giants is enforceable in India.Reliance Retail said a year ago it had reached an agreement with Future Group to acquire the latter’s retail and wholesaler business, as well as its logistics and warehousing business, for $3.4 billion. Read more