Future Group to transfer debt to Reliance

Future Group to transfer debt to Reliance

21 April 2022, Mumbai:

Future Group plans to transfer 45 percent of its debt to Reliance on the sale of assets to the company.

However, lenders are yet to receive an assurance from the hypermarket operator on whether the offer is endorsed by the acquirer.

ALSO READ Reliance Retail takes over Future Group stores

Of the Rs 28,921 crore owed by the 19 of its companies, Future Group plans to transfer Rs 12,612 crore owed to lenders, and domestic and offshore bondholders to Reliance.

The remaining Rs 16,309 crore will be repaid by the group to lenders in a staggered manner.

Some of this will be paid from the cash received from Reliance, some from the sale of stakes in its insurance joint ventures, and a part by converting debt into equity, as per the proposal given by Future to lenders.

RELATED NEWS Reliance Retail takes over Future Group stores

The group also plans to reduce the payment to lenders if RIL-linked companies takeover stores currently run by Future Group entities.

A few months ago, Reliance acquired 946 of 1,500 stores of Future Retail on non-payment of rental dues.

Join our community on Linkedin 

Author’s Posts

  • Textile Printing Ink Market: Growth, Innovations, and Opportunities

    26 September 2023, Mumbai

    Sep 26, 2023

  • Brazilian Cotton Crop Outlook 2023/24

    26 September 2023, Mumbai

    Sep 26, 2023

  • Expanding Sustainable Viscose Fiber Production in Asia-Pacific

    26 September 2023, Mumbai

    Growing Production in Asia-Pa...

    Sep 26, 2023

  • FASHION WORLD TOKYO

    26 September 2023, Mumbai

    Challenges and Opportunities in the Indian Textiles and Clothing Industry

    Structural Challenges and External Factors 

    DFU
    Inside Fashion Vol. 23 No. 2
    Azad
    Virtual Fashion