Future Retail Receives Bids From 6 Applicants In Bankruptcy Resolution
Listen to This Article
Debt-ridden Future Retail Ltd said on Wednesday it had received bids from six applicants in its insolvency resolution process.
The company did not disclose the name of the bidders.
Future Retail, once India's second-largest retailer, was dragged into bankruptcy proceedings by banks after it defaulted on loans and its lenders rejected a $3.4 billion buyout by Reliance Retail amid a legal challenge by Amazon.com Inc.
Earlier in the day, ET reported that Reliance Retail - the retail arm of Mukesh Ambani's Reliance Industries - and Gautam Adani-led Adani Group had opted out of the final bid.
A total of 49 bidders were eyeing to acquire the debt-laden giant in April this year.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more