Future Consumer defaults on debt repayment from banks, others

Mumbai: Future Group's consumer goods firm Future Consumer Ltd (FCL) on Tuesday said it has defaulted on payment of principal redemption and interest on loans from banks and other financial institutions.

The current default amount includes principal of Rs 77.28 crore and interest of Rs 1.40 crore. The company said it has applied for financial restructuring to the banks. A month ago, it had defaulted payments on non-convertible debentures for over Rs 22 crore.

The total financial indebtedness of the listed entity was Rs 562.96 crore which includes loans and revolving facilities like cash credit from banks and financial institutions as well as unlisted debt securities.

In August, Reliance Industries agreed to buy Future Group’s retail business across apparel, lifestyle and grocery segment, for Rs27,513 crore, which included a minority stake in Future Enterprise which will house all Future Consumer brands .