 "Future Consumer defaults on Rs 369.59 cr loan repayment in July-Sep")
Future Consumer Ltd (FCL) has defaulted on the payment of Rs 369.59 crore towards principal and interest on loans from banks, financial institutions and unlisted debt securities in the September quarter.
FCL, the FMCG arm of the debt-ridden Future Group, had defaulted on Rs 253.95 crore loans and revolving facilities like cash credit from banks and financial institutions as on September 30, a filing said on Thursday.
The default amount for unlisted debt securities such as Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS) is Rs 115.64 crore for the quarter, as per the regulatory disclosure.
FCL's total financial liabilities is Rs 468.12 crore, including short-term and long-term debts.
This includes Rs 266.80 crore debt from banks and financial institutions and Rs 201.32 crore from NCDs and NCRPS, the filing added.
However, FCL added it is "is planning/working for asset monetization and debt reduction over the period in this year".
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FCL, part of the Kishore Biyani-led Future Group, is in the business of manufacturing, branding, and distributing FMCG food and processed food products.
It was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail under a Rs 24,713 crore deal announced in August 2020, which was called off in April 2022.