Lenders to India's Future Group reject $3.4b sale of retail assets to Reliance

Future Group chairman Kishore Biyani. Photo: Hemant Mishra/Mint

Future Group’s lenders have rejected a $3.4 billion sale of the Indian group’s retail assets to Reliance Industries, banking sources said, adding to Future‘s struggles to pay off debt after it was hit hard by the COVID-19 pandemic.

“All secured lenders have voted against the scheme of arrangement put forward by Reliance,” said a senior executive at a state-owned lender.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter