The resolution professional (RP) of Future Retail Ltd (FRL) filed for liquidation, marking an inglorious end for the company that once led India’s retail revolution. On 30 September, creditors had rejected a resolution...
Future Retail Lenders at odds with RP
Future Retail lenders are concerned that the Deloitte-backed resolution professional, Vijaykumar Iyer, has yet not filed an application with the bankruptcy court to liquidate the company even after five weeks have...
Reliance Retail acquires beauty business of Arvind Fashions, to run Sephora
Reliance Retail will now operate Sephora in India as Arvind Fashions Limited (AFL) has signed definitive agreements with Reliance Beauty & Personal Care Limited (RBPCL) to sell its wholly owned subsidiary Arvind...
UK supermarket Asda completes $2.5 bln purchase of EG’s UK business
Asda, Britain’s third biggest supermarket group, said it has completed the acquisition of the majority of EG Group’s UK & Ireland business for an enterprise value of 2.07 billion pounds ($2.52 billion). EG...
NCLT admits personal insolvency application against Kishore Biyani
Mumbai’s bankruptcy court on Friday admitted Axis Trustee Services’ application to initiate a personal insolvency process against Future Group promoter, Kishore Biyani, said people aware of the development...
Drug retailer Rite Aid files for bankruptcy, gets $3.45 bln commitment
Rite Aid filed for Chapter 11 bankruptcy on Sunday, a move that would halt lawsuits the drugstore chain is facing over its alleged role in the U.S. opioid crisis and named a new CEO. Rite Aid said it has received a...
Westbridge Capital buys stake in Meesho
Westbridge Capital has acquired 1.5% of Meesho at a valuation of $3.5 billion, two people with knowledge of the deal said. The investment firm acquired the stake from Meesho’s seed investor, Venture Highway. Venture...
Reliance Brands buys majority rights of Superdry IP for Indian territory
Reliance Brands Ltd. (RBL), part of Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries Ltd., entered a joint venture deal with the UK-based clothing retailer Superdry PLC, securing rights to the brand’s...
Hedin, PAG International to drop bid for British car dealer Pendragon
Hedin Mobility Group and U.S.-based PAG International said they will not make an offer for British automotive retailer Pendragon, just a fortnight after sweetening their takeover proposal. Hedin, which holds a 27.6%...
Future Retail lenders reject Space Mantra’s bid; NCLT extends insolvency period for 15 days
The lenders of Future Retail Ltd have rejected the bid submitted by Space Mantra for the debt-ridden firm, which is currently going through Corporate Insolvency Resolution Process (CIRP). The Resolution Plan submitted...
Gazprombank buys Russia MEGA shopping centres from IKEA affiliated business
Gazprombank Group has bought 14 MEGA shopping centres in Russia from a unit of IKEA store operator Ingka Group for an undisclosed price, the companies said on Thursday, in the latest exit from Russian business by a...
Supreme Court rejects Future Group companies’ pleas seeking stay on DRT order
The Supreme Court on Monday dismissed two Future Group companies’ appeals against a debt recovery tribunal (DRT) order on July 31 that restrained them from alienating their assets worth ₹4,478.22 crore in recovery...
