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Future Consumer Defaults on Rs 449 Crore Payments

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By Rediff Money Desk, New Delhi   Jul 06, 2024 19:06

Future Consumer, FMCG arm of debt-ridden Future Group, has defaulted on payments of Rs 449.04 crore to banks and bondholders until June-end. The company is working on asset monetization and debt reduction.
Future Consumer Defaults on Rs 449 Crore Payments
Photograph: PTI Photo
New Delhi, Jul 6 (PTI) Debt-ridden Future group's FMCG arm Future Consumer on Saturday said it has defaulted on payments of Rs 449.04 crore, due towards bank loans as well as the company's bond holders, until June-end.

The total defaults as on June 30, 2024 include a sum of Rs 284.81 crore towards loans and revolving facilities like cash credit from banks and financial institutions, and Rs 164.23 crore due on the company's borrowings through unlisted debt securities i.e. NCDs and NCRPs, Future Consumer Ltd (FCL) said in a regulatory filing.

FCL said its total outstanding from debt securities till June-end stood at Rs 222.06 crore, out of which it defaulted on payments of Rs 164.23 to its non-convertible debenture holder CDC Emerging Markets (British International Investment) due on various dates since May 2022.

"Total financial indebtedness of the listed entity including short-term and long-term debt" was Rs 506.87 crore as on June 30 this year, FCL said in the filing.

It further said the "company is planning/working for asset monetisation and debt reduction over the period in this year".

FCL is in the business of manufacturing, branding and distribution of FMCG products including processed food and personal care.

It was part of the 19 group firms operating in retail, wholesale, logistics and warehousing segments that were supposed to be transferred to Reliance Retail under a Rs 24,713-crore Reliance-Future deal announced in August 2020.
Source: PTI
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