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Three Future Group corporations’ whole borrowings at Rs 6,475 crore

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Three Future Group firms – Future Retail (FRL), Future Way of life Fashions (FLFL) and Future Provide Chain Options (FSCS) – on Friday stated their whole excellent borrowings stood at Rs 6,474.98 crore.

As of March 31, FRL had a complete excellent of Rs 4,876.88 crore, whereas that of FLFL was at Rs 1,181.98 crore and FSCS at Rs 416.12 crore, the businesses stated in separate inventory trade updates.

Below rules, the corporations stated that they weren’t categorized as “massive corporates”. Additional particulars of the borrowings weren’t instantly disclosed.

Earlier in 2020, Future Group had signed a deal to promote its retail, logistics and warehousing companies to Reliance Retail, a subsidiary of billionaire Mukesh Ambani-controlled Reliance Industries (RIL) for Rs 24,713 crore. Nonetheless, the deal acquired entangled in authorized tussles after the US e-commerce main Amazon opposed the scheme, citing the 2019 settlement it had entered into with Future Group.

Amazon, which had acquired a 49% stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore, alleged violation of sure phrases within the deal signed in 2019. Quite a lot of circumstances had been filed throughout completely different boards, together with the Supreme Courtroom, Delhi Courtroom, Nationwide Firm Regulation Tribunal and Singapore Worldwide Arbitration Centre.

Final week, RIL expressed its incapacity to amass Future Group’s companies, as secured collectors of FRL have voted towards the scheme. In the meantime, a chapter petition towards FRL by Financial institution of India earlier than the Nationwide Firm Regulation Tribunal (NCLT) will come up for listening to for admission on Might 12.

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