Future Enterprises defaults on payment of interest on NCDs

NEW DELHI: Future Enterprises Ltd (FEL) has defaulted on payment of interest on non-convertible debentures (NCDs).

The company is unable to service its obligations in respect of the interest on NCDs due on April 12, 2021, Future Enterprises said in a regulatory filing late on Tuesday night.

Gross principal amount on which the default has occurred is Rs 300 crore and interest payable was Rs 15,16,48,248.

FEL develops, owns and leases retail infrastructure for the Future Group. It handles backend operations of the retail business of the Future Group.

Amazon and Future Group are locked in a legal tussle over the sale of Future Group's retail and wholesale business to Reliance Retail. Both parties have approached several legal forums.

On August 29, 2020, Future Group had announced that its retail and wholesale business would be sold to Reliance Retail, owned by oil-to-chemical conglomerate RIL, in a Rs 24,713 crore-deal.