Latest News | FCLs Total Defaults at Rs 70 Cr as of September 30

New Delhi, Oct 6 (PTI) Total default amount of Future Consumer Ltd (FCL) is nearly Rs 70 crore on payment of interest, repayment of principal amount on loans from banks, financial institutions and unlisted debt securities in the July-September quarter, a filing said on Thursday.

FCL, the FMCG arm of the debt-ridden Future group, had defaulted Rs 18.14 crore on loans and revolving facilities like cash credit from banks and financial institutions as on September 30, 2022.

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While, the default for Unlisted debt securities such as NCDs and NCRPS is Rs 51.85 crore for the quarter, informed FCL in a regulatory update.

FCL's total financial indebtedness is Rs 436.07 crore, which includes Short -term and long-term debts.

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This includes Rs 253.90 crore debt from banks and financial institutions and Rs 182.17 crore from NCDs and NCRPS, the filing added.

However, FCL added the "company is planning/working for Asset Monetization and Debt Reduction over the period in this year".

FCL is in the business of manufacturing, branding and distributing FMCG food and processed food products.

It was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to Reliance Retail under a Rs 24,713 crore deal announced in August 2020.

The deal was called off by the billionaire Mukesh Ambani-led Reliance Industries Ltd in April.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)