The total borrowings of the three Future Group companies at Rs 6,475 crore

Three Future Group companies – Future Retail (FRL), Future Lifestyle Fashions (FLFL) and Future Supply Chain Solutions (FSCS) – said on Friday that their total outstanding borrowings stood at Rs 6,474.98 crore.

As of March 31, FRL had a total outstanding amount of Rs 4,876.88 crore, while that of FLFL was Rs 1,181.98 crore and FSCS was Rs 416.12 crore, the companies said in separate stock market updates. .

Under the regulations, the companies said they were not classified as “large companies”. Further details of the borrowings were not immediately disclosed.

Earlier in 2020, Future Group had signed an agreement to sell its retail, logistics and warehousing business to Reliance Retail, a subsidiary of billionaire Mukesh Ambani controlled Reliance Industries (RIL) for Rs 24,713 crore. However, the deal became entangled in legal wrangling after US e-commerce giant Amazon objected to the scheme, citing the 2019 deal it struck with Future Group.

Amazon, which had acquired a 49% stake in Future Coupons, the promoting entity of Future Retail, for around Rs 1,500 crore, has alleged breach of certain terms of the agreement signed in 2019. A number of cases have been filed in various forums including the Supreme Court, Delhi Court, National Company Law Tribunal and Singapore International Arbitration Center.

Last week, RIL expressed its inability to acquire Future Group’s business as FRL’s secured creditors voted against the plan. Meanwhile, a bankruptcy petition against FRL by Bank of India before the National Company Law Tribunal (NCLT) will be heard for admission on May 12.

Previous CMS Final Rule Strengthens Medicare Advantage and Part D Transparency
Next Key security and risk management trends for 2022