Advertisement
The bidding race among Reliance Retail and Adani for Future Retail is not uncommon. Latest update regarding the bidding war suggested that both conglomerates have opted out from the final bidding process for Future Retail, as per ET NOW.
The report was published by the news agency on Wednesday, which revealed that the total of six bids have been received by the Future Retail for their final rounds of bidding from lesser-known companies.
Realty firm Space Mantra have placed the highest among all bids for the company, while others have bided for parts of Future Retail. Pinnacle Air, Lehar Solutions, and Palgun Tech LLC, are bidders who are interested into acquiring the company in parts. The bidders also include Good Will Furniture and Sarvabhista E waste management.
Advertisement
Reportedly, 49 Expression of Interest (EoI) had been submitted for Future Retail. Mukesh Ambani’s Reliance Retail and Gautam Adani’s Adani Group were among the list of bidders who submitted EoI.
Earlier, 11 bidders, including Reliance Retail and April Moon Retail, were finalised, but failed to get a resolution plan, despite two extensions in deadline for submissions.
ET NOW also stated that the financial creditors have claimed around Rs 20,000 crore from Future Retail.
