Future Retail's Recovery Process: Lenders look to sell small stores
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15 January 2022, Mumbai:
Lenders of Future Retail are likely to seek buyers for the small-format stores to recover dues amounting to Rs 3494.5 crore after the Kishore Biyani promoted hypermarket failed to honour payments scheduled on 31 December, said two people aware of the matter.
Banks led by the State Bank of India may soon invite expressions of interest for the small format chains - Easyday in Northern India and Heritage Fresh in Southern India, they said.
The lenders may take this step since the account would be classified as a non-performing loan if the payment does not come through during the grace period that ends on January 30 as per the one-time restructuring scheme signed between them and Future Retail in April 2021.
ET (The news article has not been edited by DFU Publications staff)
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