Future Enterprises (FEL), another Future Group company, on Saturday said it has total outstanding borrowings of Rs 4,542.96 crore as of March 31.
This takes the total outstanding borrowings disclosed by Kishore Biyani-led Future Group companies to Rs 11,017.94 crore.
Earlier on Friday, three Future Group companies – Future Retail (FRL), Future Lifestyle Fashions (FLFL) and Future Supply Chain Solutions (FSCS) – had stated their total outstanding borrowings stood at Rs 6,474.98 crore.
As of March 31, FRL had a total outstanding of Rs 4,876.88 crore, while that of FLFL was at Rs 1,181.98 crore and FSCS at Rs 416.12 crore, the companies said in separate stock exchange updates.
Under regulations, the firms said that they were not classified as “large corporates”. Further details of the borrowings were not immediately disclosed.
Earlier in 2020, Future Group had signed a deal to sell its retail, logistics and warehousing businesses to Reliance Retail, a subsidiary of Mukesh Ambani-controlled Reliance Industries Ltd (RIL) for Rs 24,713 crore. However, the deal got entangled in legal tussles after the US e-commerce major Amazon opposed the scheme, citing the 2019 agreement it had entered into with Future Group.
Amazon, which acquired a 49% stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore, alleged violation of certain terms in the deal signed in 2019. A number of cases were filed across different forum, including the Supreme Court, Delhi Court, National Company Law Tribunals and Singapore International Arbitration Centre.
Last week, RIL expressed its inability to acquire Future Group’s businesses, as secured creditors of FRL voted against the scheme. Meanwhile, a bankruptcy petition against FRL by Bank of India before the National Company Law Tribunal (NCLT) is slated to come up for hearing for admission in May.