Big Bazaar ready to sell once again in coming days. | Big deal for Future Retail.

 

Big Bazaar ready to sell once again in coming days.

 

Big Bazaar company Future Retail is ready to sell once again after a long time. This time, big businessmen are competing to buy this company. About 49 big buyers including Ambani, and Adani are in this race. How did Future Group, which was once considered the country's second-largest retail firm, suddenly become bankrupt? In this report, we will tell you the story of this future group.

 

Reliance's bid for the bankrupt Big Bazaar of Future Retail Company was in trouble, but once again the race is on to buy it. Apart from Mukesh Ambani, Gautam Adani has also made preparations to bid for Future Group this time. That is, Adani and Ambani will be face-to-face with each other regarding Future Retail in the coming days.

 

It is being said that Adani, who is going through difficult times, is also going to make full efforts to buy it. According to the report, big competition can be seen soon in the business world. Under this, there will be a contest between Asia's richest man Mukesh Ambani and Gautam Adani. Apart from Ambani, 47 other buyers are also in the race to buy this future retail headed by businessman Kishore Biyani.

 

As soon as this news comes to the fore, there is a boom in the shares of Future Retail. Its shares are seeing a jump of more than 4%, and are trading around ₹ 2.60. Now let us tell you which companies have shown interest in buying it. Mukesh Ambani's Reliance Retail, Gautam Adani's Adani Group, WHSmith, Jindal Power Ltd, and Garden Brothers international consortium JC Flowers, according to the expression of interest of the buyers.

 

A new set of EOIs has been received on April 7 from companies showing interest in buying Future Retail. Earlier in November last year, according to the expression of interest presented by the proposed buyers, 11 companies including Reliance Retail and Adani were involved in the race to buy it. Future Group signed a deal of ₹ 24713 crore with Reliance Retail Ventures Limited, a company of Reliance Industries in August 2020.

 

Under this agreement, Reliance Retail was about to buy 19 future group companies active in retail wholesale and logistics, but US giant e-commerce company Amazon opposed it. The matter also reached the court. Finally, in April last year, Reliance canceled the deal. The Future group was caught in the middle of a dispute between Amazon and Reliance, which owed banks about 17,000 crores in retail.

 

After which the company was in danger of being made NPA. After this, a grace period of 30 days was given by the banks, but the company could not pay the banks even at that time. Meanwhile, the US online retail company Amazon told banks and retail to be involved in this matter. Amazon said that the application filed by the Bank of India was malicious.

 

Just a year before this, a deal was signed between Reliance and Future Group. After which Reliance was about to acquire Big Bazaar. But Reliance later canceled the deal saying that the proposal is not acceptable to the protected taxpayers. Just what then? As soon as the bill was canceled, the shares of the group started falling rapidly. The share price fell by 90% and which shares further up to ₹62 by 1.5 rupees.

 

 

Future Group used to have the second-largest firm in the country. Retail from the Big Bazaar company owes more than ₹21,000 crore to different creditors. The situation worsened during the Covid-19 period. Failing to repay its debt, Future Retail had to go through the insolvency process. A lot of upheavals were also seen at the management level of Debt-ridden Security Limited.

Earlier this year, on January 23, Kishore Biyani resigned as the director of the company. On the 10th of last March, he suddenly withdrew his resignation. At present, the race to buy it has started once again. It has to be seen whether the company joins the portfolio of one of Ambani, Adani, or Future Retail Group comes under someone else's share.