The resolution process of Future Enterprises Limited, which has been in trouble for a long time, is now reaching its final stages. Soon the deal will be finalized for this company. However, the process ahead is going to be interesting, as there is going to be a clash of giants to buy Future Enterprises. Its potential buyers include big names like Ambani and Jindal.
These three potential buyers
Future Enterprises has given information about its potential buyers to the stock markets. Mukesh Ambani’s Reliance Retail Ventures Ltd, steel company Jindal India and textile company GBTL are among the potential buyers of the company undergoing the corporate insolvency resolution process. Now these claimants will present their bids for the deal of Future Enterprises.
Time till 24 August
Avil Managements, which was recently appointed resolution professional for Future Enterprises, disclosed the names of potential buyers. He told that potential buyers have time to bid till 24 August 2023. The insolvency resolution process was initiated in March this year to end the crisis of Future Enterprises. The lenders of Future Enterprises had approached the NCLT regarding the matter.
liabilities and assets
According to the EOI documents, loan claims of Rs 12,265 crore have been approved against Future Enterprises. Apart from this, claims of Rs 23 crore of fixed deposit holders have also been approved. On the other hand, talking about the assets of the company, it has furniture worth Rs 715 crore. Apart from this, the company has leased retail infrastructure worth Rs 2,644 crore to Future Retail and Rs 92 crore to Praxis Home Retail.
There is also a lot of borrowing in bonds
There is also a fair amount of borrowing in the form of bonds on Future Enterprises. For this reason many trusteeship companies have also made claims. Of these, the maximum claim of Rs 3,344 crore is from CentBank Financial Services. After that Axis Trustee Service has claimed Rs 1,341 crore and Vistara ITCL India has claimed Rs 210 crore.
Ambani and Bezos have clashed
Let us tell you that the Future group has been facing crises for a long time. Mukesh Ambani vs Jeff Bezos competition has been seen in the corporate world regarding this. Currently, four companies of Future Group, Future Enterprises, Future Retail, Future Lifestyles Fashion Limited and Future Supply Chain are going through the insolvency resolution process.
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