Future Retail (FRL) asks Amazon to fund for to repay its lenders avoiding FRL default
23 January 2022, Mumbai:
In a letter to Amazon, the Kishore Biya ni-promoted Future Retail (FRL) has asked the US e-commerce giant for Rs 3,500 crore by January 24 in order to repay its lenders and avoid default. FRL, which operates the Big Bazaar chain of hypermarket stores, is required to pay its lenders the sum by January 29, failing which it will be classified as a non-performing asset (NPA).
The company is set to default on the payment, said people in the know of the matter.
The cash-strapped retailer, currently entangled in a bitter legal battle with Amazon over its proposed sale of assets to Reliance for Rs 25,000 crore, had missed the due date that was on or before December 31st,2021.
Credits: TOI 23-01-2022
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