Indian banks to start debt recovery proceedings against Future Retail -sources

Published by
Reuters UK

By Nupur Anand and Abhirup Roy MUMBAI (Reuters) – Indian lenders are set to initiate debt recovery proceedings against Future Retail this week to safeguard their interests after rival Reliance unexpectedly took over some of the retailer’s stores, two bankers told Reuters. Future, hit by the pandemic, has been struggling to pay off its debt and is fighting a bitter legal battle with U.S retail giant Amazon. That battle has successfully blocked a $3.4 billion sale of its retail assets to India’s largest retailer Reliance, citing violation of certain contracts. Future denies any wrongdoing. But R…

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