Future Retail receives 6 bankruptcy resolution bids

Debt-ridden Future Retail Ltd said on Wednesday it had received bids from six applicants in its insolvency resolution process.

The company did not disclose the name of the bidders.

Future Retail, once India’s second-largest retailer, was dragged into bankruptcy proceedings by banks after it defaulted on loans and its lenders rejected a $3.4 billion buyout by Reliance Retail amid a legal challenge by Amazon.com Inc.

Earlier in the day, ET reported that Reliance Retail – the retail arm of Mukesh Ambani’s Reliance Industries – and Gautam Adani-led Adani Group had opted out of the final bid.

A total of 49 bidders were eyeing to acquire the debt-laden giant in April this year.