In the September quarter, Future Consumer (FCL) defaulted on the payment of Rs 369.59 crore in principal and interest on loans from banks, financial institutions, and unlisted debt securities.
FCL, the Fast Moving Consumer Goods (FMCG) arm of the financially strained Future Group, reported a default of Rs 253.95 crore on loans and revolving facilities, such as cash credit, from banks and financial institutions as of September 30, according to a filing on Thursday.
The default amount related to unlisted debt securities, including Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preferential Shares (NCRPS), is Rs 115.64 crore for the quarter, according to regulatory disclosures.
FCL’s total financial liabilities amount to Rs 468.12 crore, encompassing both short-term and long-term debts.
This includes Rs 266.80 crore in debt from banks and financial institutions and Rs 201.32 crore from NCDs and NCRPS, as detailed in the filing. Nevertheless, FCL stated that it is actively “planning/working for asset monetization and debt reduction over the period in this year.”
FCL, a component of the Future Group led by Kishore Biyani, operates in the manufacturing, branding, and distribution of FMCG food and processed food products. Originally slated to be part of the 19 group companies transferred to Reliance Retail under a Rs 24,713 crore deal announced in August 2020, the deal was terminated in April 2022.
