Future Enterprises Limited’s resolution professional has invited expressions of interest for the business’ assets, including its apparel manufacturing units. Future Industries Limited’s business Future Enterprises is going through its Corporate Insolvency Resolution Process after becoming debt-ridden.
Other assets of Future Enterprises Limited which could soon receive expressions of interest include its insurance business, the Press Trust of India reported. The business’ assets have been divided into three clusters for which prospective buyers have until February 27, 2024 to submit their interest.
One of the three asset clusters includes Future Enterprise’s 39% stake in two businesses: Goldmohur Design and Apparels and Apollo Design and Apparels, India Retailing reported. The business has invested in both business’ mills and has also entered into a joint venture with National Textile Corporation to restructure and develop the two mills in Mumbai.
Another asset cluster is a residual entity of Future Enterprises. The business has two manufacturing units which are located in Tarapur-Palghar, Maharashtra and Mahadevapura in Bengaluru, Karnataka.
The first cluster of assets includes Future Enterprises’ 25.18% stake in Future Generali India Life Insurance Company and its 0.51% stake in Future Generali India Insurance Company. Future Enterprises Limited was tasked with developing, owning, and leasing retail infrastructure for Future Group. The business also holds Future Group’s investments in subsidiary businesses and joint ventures.
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