 "Reliance Retail, Adani Group no longer bidding for Future Retail: Report")
Reliance Retail and the Adani Group have opted out from the final round of bidding for Future Retail (FRL), ET Now reported on Wednesday citing sources. It stated that six final bids have been received for Future Retail.
The highest bid is from Space Mantra, while five other companies have placed their bid for parts of the company. These five bidders are Pinnacle Air, Palgun Tech LLC, Lehar Solutions, Goodwill Furniture and Sarvabhishta e-waste management, ET Now report added.
On March 23, creditors of FRL invited new Expressions of Interest (EoIs) whereby prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in more than four months.
In April, 48 companies, including Reliance Retail and Adani Group, were shortlisted in the list of eligible resolution applicants for Future Retail.
On April 10, FRL updated a list of 49 companies, which had submitted EoIs after the company's lenders decided to invite fresh bids after dividing its assets into clusters.
Some of the other players who had submitted EoIs include WHSmith Travel Ltd, Sahara Enterprises, Century Copper Corp, Greentech worldwide, Harsha Vardhan Reddy, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd, and Universal Associates.
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Except for Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies were included in the final list. Bommidala Enterprises indicated that it will not be submitting a resolution plan.
Earlier in April, the Mumbai-based National Company Law Tribunal (NCLT) bench had granted FRL an extension of 90 days till July 15, 2023, for concluding the Corporate Insolvency Resolution Process (CIRP).