Reliance and Adani's game is over, it made the biggest bid on 'Future'

In April, 48 companies including Reliance Retail and Adani Group were included in the list of eligible resolution applicants for Future Retail. On April 10, FRL updated a list of 49 companies.

Both Adani and Ambani are out of the fray to buy Future Retail. Now 6 bids have been received to buy the company. The biggest bid is from Space Mantra, while five other companies have placed their bids for parts of the company. ET Now reports that these five bidders include Pinnacle Air, Palgun Tech LLC, Lahar Solutions, Goodwill Furniture and Sarvbhishta E-Waste Management. On March 23, lenders to Future Retail had invited fresh Expression of Interest (EoI), allowing potential buyers to bid for the debt-ridden firm.

48 companies showed interest

In April, 48 companies including Reliance Retail and Adani Group were included in the list of eligible resolution applicants for Future Retail. On April 10, FRL updated a list of 49 companies that had submitted EoIs after the company's lenders decided to invite fresh bids after splitting their assets into clusters. Some of the other players who submitted EOI included WHSmith Travel Limited, Sahara Enterprises, Century Copper Corp, Greentech Worldwide, Harshavardhan Reddy, JC Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd and Universal Associates.

Time till 15th July

Except Andhra Pradesh-based tobacco products manufacturer Bommidala Enterprises, all the companies made it to the final list. Bommidala Enterprises indicated that it would not submit a resolution plan. Earlier in April, a Mumbai-based National Company Law Tribunal bench granted Future Retail an extension of 90 days till July 15, 2023, to close the corporate insolvency resolution process.