Kishore Biyani’s flagship company Future Retail Ltd, which runs the popular supermarket chain BigBazaar , on Monday said it has paid $14 million (approximately ₹105 crore) in pending interest on dollar bonds, after missing last month’s due date. Given the 30-day grace period for making the payment, the miss did not constitute a default. Future Retail is facing a severe liquidity crisis and is in advanced talks to sell assets to Reliance Industries Ltd. In July, S&P Global Ratings said that Future Retail has indicated that it will make the payments within the grace period through various means. It was not immediately clear how Future Retail arranged the funds for the interest payment.

Source: Mint August 25, 2020 01:51 UTC