Future Consumer Defaults on Rs 449.04 Crore Payments Amid Debt Crisis

Future Consumer, part of the debt-ridden Future Group, announced it has defaulted on payments worth Rs 449.04 crore towards bank loans and bondholders. The FMCG company's defaults include Rs 284.81 crore from bank loans and Rs 164.23 crore from unlisted debt securities. Efforts are underway for asset monetisation and debt reduction.

Debt-ridden Future Consumer, an arm of the FMCG sector within the Future Group, confirmed on Saturday a default of Rs 449.04 crore in payments towards bank loans and bondholders until June-end.

According to a regulatory filing, the total defaults up to June 30, 2024, amounted to Rs 284.81 crore for loans and revolving facilities from banks and financial institutions, alongside Rs 164.23 crore from borrowings through unlisted debt securities, specifically non-convertible debentures and non-convertible redeemable preference shares.

The company disclosed an overall indebtedness of Rs 506.87 crore as of June 30, with plans for asset monetisation and debt reduction in the pipeline for this year. Future Consumer, engaged in manufacturing, branding, and distributing FMCG products, was slated to be transferred to Reliance Retail as part of a Rs 24,713-crore deal announced in 2020.

(With inputs from agencies.)