NEW DELHI: Reliance Retail Ventures and Adani group-backed April Moon Retail have reportedly withdrawn from the race to acquire the assets of Future Retail as only 6 out of 48 bidders have submitted their resolution plans.
In an exchange filing, Future Retail (FRL) has said that the interim resolution professional has received resolution plans from six prospective resolution applicants in response to the Request for Resolution Plans dated 14 April 2023.
“The aforesaid submissions were opened in the meeting of the Committee of Creditors of the Corporate Debtor held on May 16, 2023, in presence of the prospective resolution applicants,” the company said. Initially, 48 entities had responded to expression of interest (EoI) floated by the IRP.
These entities included names like Mukesh Ambani-led Reliance Retail Ventures, Adani group-backed April Moon Retail, Uk-based WHSmith Travel, Jindal Power, JC Flowers Asset Reconstruction and UV Stressed Asset Management.
This newspaper could not independently verify the report that both Reliance and Adani Group are out of race for FRL. Reliance group has already taken control of 835 out of 1,500 stores of FRL after the latter failed to pay rent for the stores. Future had entered an arrangement with Reliance for operating retail stores in 2021.