In the September quarter, Future Consumer Ltd (FCL), the FMCG subsidiary of the financially troubled Future Group, failed to meet its financial obligations, with a total default amounting to INR 369.59 crore. This default includes both principal and interest payments on loans obtained from various banks, financial institutions, and unlisted debt securities. According to a filing made on Thursday, as of September 30, FCL had also defaulted on loans and revolving facilities, such as cash credit, amounting to INR 253.95 crore from banks and financial institutions.
According to regulatory disclosure, the default amount for unlisted debt securities, including Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS), stands at INR 115.64 crore for the quarter.
The total financial obligations of FCL amount to INR 468.12 crore, encompassing both short-term and long-term debts.
The filing also specifies that this comprises INR 266.80 crore in debt from banks and financial institutions, along with INR 201.32 crore from NCDs and NCRPS.
Nonetheless, FCL stated that it is actively “planning and working towards asset monetization and debt reduction throughout the year.”
FCL, which operates under the leadership of Kishore Biyani’s Future Group, specializes in the production, branding, and distribution of FMCG food and processed food items.
It was one of the 19 group companies involved in retail, wholesale, logistics, and warehousing sectors that were originally slated for transfer to Reliance Retail as part of a INR 24,713 crore deal announced in August 2020. However, this deal was later canceled in April 2022.