Reliance Retail eligible to submit resolution plan for Future Enterprises bankruptcy

The retail arm of Reliance Industries is among three companies eligible to submit a plan for the debt-ridden Future Enterprises bankruptcy proceedings, Future’s resolution professional disclosed in an exchange filing on Wednesday.

Indian billionaire Mukesh Ambani’s Reliance Retail Ventures, galvanised steel sheet maker Jindal (India) and Donear Industries-owned textiles maker GBTL have been listed as prospective resolution applicants for the Future Group company, said Avil Menezes.

Menezes is a court-appointed resolution professional overseeing the company’s affairs during the bankruptcy proceedings.

Reliance Retail is also among a list of 49 companies eyeing another Future Group company, Future Retail.

Future Enterprises houses various businesses such as supply chain solutions and insurance, while Future Retail used to operate brands such as department chain Big Bazaar and supermarket chain Easyday.

Future Retail was dragged into insolvency proceedings by banks in July 2022 after it defaulted on loans and its lenders rejected a $3.4 billion buyout by Reliance amid a legal challenge by Amazon.com Inc. Future Enterprises was admitted to insolvency in March.

In May, Future Retail said it received six bankruptcy resolution bids without disclosing the names of the bidders.