Three Future Group firms’ total borrowings at Rs 6,475 crore

Three Future Group companies – Future Retail (FRL), Future Lifestyle Fashions (FLFL) and Future Supply Chain Solutions (FSCS) – on Friday said their total outstanding borrowings stood at Rs 6,474.98 crore.

As of March 31, FRL had a total outstanding of Rs 4,876.88 crore, while that of FLFL was at Rs 1,181.98 crore and FSCS at Rs 416.12 crore, the companies said in separate stock exchange updates.

Under regulations, the firms said that they were not classified as “large corporates”. Further details of the borrowings were not immediately disclosed.

Earlier in 2020, Future Group had signed a deal to sell its retail, logistics and warehousing businesses to Reliance Retail, a subsidiary of billionaire Mukesh Ambani-controlled Reliance Industries (RIL) for Rs 24,713 crore. However, the deal got entangled in legal tussles after the US e-commerce major Amazon opposed the scheme, citing the 2019 agreement it had entered into with Future Group.

Amazon, which had acquired a 49% stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore, alleged violation of certain terms in the deal signed in 2019. A number of cases were filed across different forums, including the Supreme Court, Delhi Court, National Company Law Tribunal and Singapore International Arbitration Centre.

Last week, RIL expressed its inability to acquire Future Group’s businesses, as secured creditors of FRL have voted against the scheme. Meanwhile, a bankruptcy petition against FRL by Bank of India before the National Company Law Tribunal (NCLT) will come up for hearing for admission on May 12.