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Lenders disappointed with Jindal's Rs 301 cr bid for debt-laden Future Enterprises
Photo Courtesy: futureretail.in

Lenders disappointed with Jindal's Rs 301 cr bid for debt-laden Future Enterprises

| @indiablooms | 18 Nov 2023, 02:50 am

Kolkata: Jindal (India) has bid Rs 301 crore for Future Enterprises, which is less than 3% of the total Rs 12,265-crore loan exposure, rendering it almost inconsequential to lenders, ET reported.

The low bid leaves little room for negotiation, prompting banks to explore alternative recovery options.

Jindal emerged as the sole bidder for Future Enterprises, owing creditors Rs 12,265 crore, the report said.

Despite the shockingly low valuation, banks have time until March 2024, as the NCLT extended the resolution timeline, to evaluate their options in response to the disappointing bid.

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