JC Flowers, Capri Global, Authum Investment express interest in Future Enterprises’ assets

JC Flowers Asset Reconstruction, Capri Global Holdings, Authum Investment and Infrastructure are among the eight prospective resolution applications who have expressed interest in the assets of Future Enterprises which is undergoing bankruptcy proceedings.

• Also read: Future Retail heads for liquidation as lenders fail to get suitable buyer

The resolution applicant of the company had invited expressions of interest for certain identified categories of assets of Future Enterprises in December last year that included its garments manufacturing units, its stake in two insurance joint ventures with Generali, and two apparel trading companies.

The assets of Future Enterprises have been put up for sale in the form of clusters, as it was earlier for group company Future Retail. Interested parties can bid for all clusters, or for each cluster separately.

Cluster 1 consists of the company’s 0.51 per cent stake in Future Generali India Insurance, 25.18 per cent stake in Future Generali India Life Insurance, and two special purpose vehicles that hold stake in the insurance ventures.

Cluster 2 consists of the company’s 39 per cent stake each in Apollo Design Apparel Parks and Goldmohur Design and Apparel Park. There are also two garment manufacturing units in Maharashtra and Karnataka.

Cluster 3 is just the company or the residual entity without Cluster 1 and 2.

Authum Investment, Capri Global and JC Flowers have put in bids for all clusters, Central Bank and Globe Capital have expressed interest in Cluster 1 while three other companies - Brescon Realty, Uniworth Finlease and Orissa Metaliks - have expressed interest in Cluster 3.

• Also read: Reliance Retail in final list of resolution applicants for Future Enterprises

This is the second time that EoIs have been invited for the company. The previous process was initiated in June last year but was subsequently scrapped by the committee of creditors in December and a fresh request for resolution applicants was issued. The process is scheduled to be completed by the end of this month.

There are claims close to ₹17,000 crore from various categories of creditors, the largest chunk being the financial creditors to whom the company owes over ₹16,400 crore as on January 30, 2024.

Future Enterprises, once the backbone of Kishore Biyani’s Future Group empire (valued at $4.6 billion in 2019), was admitted for bankruptcy proceedings in February last year. There are several other companies in the group also under insolvency as they have been consistently defaulting on their debt obligations. Flagship company Future Retail was unable to attract any worthwhile resolution applicants and eventually it was sent for liquidation but even that process has been stalled.

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