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The Times of India

Business

John Sarkar | TNN

Future Retail defaults on Rs 5,322 crore debt repayment

Future FRL Amazon Big Bazaar Future Group New Delhi Reliance United States

NEW DELHI: Big Bazaar-parent Future Retail (FRL) on Friday said it has missed the due date for repayment of around Rs 5,322 crore to lenders due to the ongoing legal battle with US e-tailer Amazon among other issues.

In 2021, Kishore Biyani-led FRL had entered into a one time restructuring (OTR) scheme for companies that were impacted by the pandemic, with a consortium of banks and was under obligation to raise Rs 3,900 crore before March 31, 2022 by way of equity contribution.

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