Amazon To Frl 'Samara Will Invest 7k Cr To Avert Default
Financial Express Mumbai|January 24, 2022
Put on notice to confirm capital infusion to avert a looming loan default, Amazon told Future Retail (FRL) that Samara Capital remains interested in buying out the debt-strapped retailer's businesses such as Big Bazaar for ₹7,000 crore.

PRESS TRUST OF INDIA New Delhi, January 23

Asked by FRL's independent directors to confirm if it will infuse 3,500 crore into the cash-strapped retailer to enable it to pay its lenders by the due date of January 29, Amazon wrote to them saying FRL should provide its financial details to Samara Capital for the private equity fund to conduct an expedited due diligence.

While Amazon is opposed to billionaire Mukesh Ambani's group acquiring businesses of FRL along with other group companies for 24,713 crore, it seemed from amazon We confirm that based on your letter dated Jan 21, 2022, Samara Capital has once again reiterated to us that they remain interested (in) ....the term sheet dated June 30, 2020, signed amongst Samara, FRL and the promoters of FRL, which contemplates a purchase consideration of (7,000 crore) The letter that it was open to Samara Capitaltaking over the business.

AMAZON IN JANUARY 22 LETTER TO FRL INDEPENDENT DIRECTORS

‘Samara will invest 7k cr to avert default

Continue reading your story on the app

Continue reading your story in the newspaper

MORE STORIES FROM FINANCIAL EXPRESS MUMBAIView All

US, other APEC delegates walk out on Russian speaker

DELEGATES FROM THE United States and four other nations staged a walkout Saturday when a representative from Russia began his opening remarks at a meeting of trade ministers of the Asia-Pacific Economic Cooperation group in the Thai capital, officials said.

1 min read
Financial Express Mumbai
May 22, 2022

The Klopp template

Can Manchester United's new manager Erik ten Hag follow Klopp's template for a rebuild?

3 mins read
Financial Express Mumbai
May 22, 2022

CNG price hiked by ₹2/kg

Rates went up by ₹19.60/kg in 2 mths

1 min read
Financial Express Mumbai
May 22, 2022

Multiple CBI search operations in NSE scam

THE CENTRAL BUREAU of Investigation (CBI) launched a coordinated search operation at over 10 locations in multiple cities on Saturday in connection with the NSE co-location scam case, officials said.

1 min read
Financial Express Mumbai
May 22, 2022

TRANSFORMING ONLINE SHOPPING Buy-now-pay-later to become big in e-comm

BNPL turning into a preferred payment mode for users without credit card access, credit history

2 mins read
Financial Express Mumbai
May 22, 2022

Gold dealers offer discounts in India; China hopes for recovery

GOLD FLIPPED TO discount in India this week even as retail demand remained robust because of the wedding season while easing of Covid-19 restrictions boost hopes of demand improvement in top consumer China.

1 min read
Financial Express Mumbai
May 21, 2022

Stocks rebound sharply to reclaim Thursday's losses

STOCKS REBOUNDED SHARPLY on Friday, logging their biggest single-day gains since February 15, propelled by some buying in banking counters and a sharp rally in index heavyweight Reliance Industries.

1 min read
Financial Express Mumbai
May 21, 2022

Ecosystem of some parties trying to divert focus from major issues: PM

Narendra Modi addresses the BJP meeting.

2 mins read
Financial Express Mumbai
May 21, 2022

Karnataka Bank restrained from action against Srei

HC ORDER ON BID TO DECLARE ACCOUNTS AS FRAUD

2 mins read
Financial Express Mumbai
May 21, 2022

Musk: Tesla is on my mind 24/7

Tesla shares have lost one third of their value since he disclosed his stake in Twitter in early April

1 min read
Financial Express Mumbai
May 21, 2022