RRVL Among Prospective Buyers for Future Enterprises in Insolvency Resolution Process

13 Jul 2023 , 03:21 PM

Future Enterprises Ltd (FEL) has identified three prospective buyers, including Reliance Retail Ventures Ltd (RRVL), during the Corporate Insolvency Resolution Process. The resolution professional of FEL has finalized a provisional list of three Prospective Resolution Applicants (PRA), which includes RRVL, Jindal (India), and GBTL.

The deadline for submission of resolution plans by the prospective buyers is August 24, 2023. FEL was among the 19 group companies to be transferred to Reliance Retail as part of a deal announced in August 2020 but was called off by Reliance Industries in April last year.

FEL has defaulted on interest payments for non-convertible debentures after the deal was canceled. The resolution professional has received claims worth Rs 7,014.83 crore from secured creditors and Rs 8,805.09 crore from unsecured creditors.

FEL is involved in manufacturing, trading, leasing of assets, and logistics services and holds investments in subsidiaries and joint ventures in various sectors.

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