FCRPL is among the 25 corporate loans for which RBL is seeking offers. Decided to sell it 19. has come after a long delay in the merger of the two phases of Future Group Companies with Future Enterprises, followed by a drop in sales
group organizations.
rbl Future is the first private bank to invite offers for the company. More than a dozen lenders have cumulative credit exposure of over ₹25,000 crore to the Kishor Biyani-promoted group companies.
A person with knowledge of the private bank’s list said, “The long closing period of the deal has been extended till March 31, 2022, and as of now there is no certainty on the timeline.”
The delay is due to a legal dispute between Future and Amazon, with US ecommerce giants seeking to block a proposed deal with Reliance Industries.
RBL Bank invites EOI
Amazon claims that its agreement with Future Coupons prevents Future Retail from selling its assets to certain parties, including Reliance. The Supreme Court will hear the matter on January 11.
Earlier this week, the private bank invited initial expression of interest for 25 corporate accounts totaling Rs 1,078 crore. People said that the bank has neither indicated the reserve price for any account nor the time limit for submission of proposals.
Some of the other big accounts include KKR-backed Syntax BAPL and Coffee Day Enterprises-promoted Sickle Logistics, the people said. Both these companies have been admitted to the bankruptcy court for debt resolution. In both the cases, the resolution professional is yet to receive the binding bids.
Other Corporate Accounts
The list also includes McLeod Russell India (Rs 300 crore), Simplex Infrastructure (Rs 148.5 crore), Peninsula Land Ltd (Rs 62 crore) and Veria Lifestyle (Rs 74 crore).