Friday , September 20 2024

Reliance-Adani will not bid for Future Retail

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Sources said Reliance Retail and the Adani group have decided to stay away from the final round of bidding for Future Retail. According to him, six final bids have been received for Future Retail. In which the highest bid has been received by the Space Minister. While five other companies have bid for a partial stake in the company. The five bidders include Pinnacle Air, Palgan Tech LLC, Lehr Solutions, Goodwill Furniture and Sarvbhishta E-Waste Management.

On March 23, the creditors of FRSL invited fresh Expressions of Interest (EOI) from potential buyers for the debt-ridden company. This was done after the company failed to attract a resolution plan for more than four months. In April, 48 companies including Reliance Retail and Adani Group made it to the list of eligible solution applicants for Future Retail. On April 10, FRL updated the list of 49 companies. The lenders to the company decided to invite fresh bids after splitting the properties into tranches. Other players who have filed EOIs include WHS Smith Travel, Sahara Enterprises, Century Copper Corp, Greentech Worldwide, Harshavardhan Reddy, JC Flowers Asset Reconstruction, Pinnacle Air and Universal Associates.