India's two biggest conglomerates Reliance and Adani Group are no longer in the race to acquire Future Retail, reported ET Now. The two groups have opted out of the final bidding process for Future Retail.
As per ET Now, a total of six bids have been received for the final round of bidding for Future Retail. Realty firm Space Mantra has reportedly bid the highest for the company. 5 other firms have bid for parts of Future Retail.
Pinnacle Air, Palgun Tech LLC and Lehar Solutions have submitted applications to acquire the company in parts. Reliance and the Adani Group were among the 49 Expression of Interests that were submitted for Future Retail.
The Mumbai-based NCLT bench had given Future Retail an extension of 90 days till July 15 2023, to complete its Corporate Insolvency Resolution Process. As per ET Now, financial creditors have claimed Rs 20,000 crore from Future Retail.