Debt-ridden Kishore Biyani's Future Group will now focus on savings and revamping some companies. Future Lifestyle Fashion, Future Supply Chain Solutions, Future Consumer, and Future Enterprises are planned to be rebuilt.
There are plans to restructure their debt to these companies through lending institutions. However, group company Future Retail has a debt of Rs 18,000 crore. It may face the corporate insolvency resolution process under the National Law Tribunal (NCLT). Future Enterprises has a debt of Rs 5000 crore. The company will raise Rs 3,000 crore by selling its stake in Future Generali Insurance.
the deal between the two companies
According to sources, the deal has been finalized between the two. After this, it will be left with a debt of only Rs 2,000 crore. FMCG company Future Consumer has about 110 acres of food park in Karnataka, which can be leveraged to revive the company. Whereas Future Supply Chain Solutions has warehouses across the country. It has the largest and most modern warehouse in Nagpur. So there is a lot of enthusiasm among investors about it.
no default of future lifestyle
Future Lifestyle, a Future Group company, has not defaulted on debt payments so far. So the group can raise money by selling some of its brands. It has many brands like Brand Factory and Central. After Corona, there has also been a good improvement in its business.
Deal with Reliance ends
On Saturday itself, a deal worth Rs 24,713 crore between Future Group and Reliance was broken. Future Enterprises had failed to clear dues of Rs 2,911 crore last week. Share prices of group companies fell sharply on Monday. Shares of Future Enterprise closed down almost 10 percent, while Future Consumer, Future Lifestyle 20-20, and Future Retail closed down 5 percent.
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