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Burdened with debt, Biyani chose to sell the cash-strapped group’s assets to Mukesh Ambani’s Reliance Industries Ltd for ₹24,713 crore in August last year.
A group of 28 lenders approved extension of loan repayment period by up to two years.
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Byhindustantimes.com, Hindustan Times, New Delhi
- Future, India's No.2 retailer with more than 1,700 stores, has been hit hard by the pandemic and agreed to sell most of its retail assets to Mukesh Ambani-led Reliance in a $3.4 billion deal. The transaction, however, has faced legal hurdles with e-commerce giant Amazon.
The judges rejected a plea by Amazon to keep its order in abeyance for a week, and said they saw no reason to maintain status quo on the Future Retail assets.