Indian conglomerates Reliance Industries Ltd and Adani Group, along with a British retailer and global asset reconstruction firms, are among the 49 bidders competing to acquire debt-ridden Future Retail Ltd. The Indian retailer released a statement confirming that Reliance Retail, a subsidiary of Reliance Industries Ltd owned by Mukesh Ambani, and April Moon Retail Pvt Ltd, a joint venture between Flemingo group and Adani Airport Holdings led by Gautam Adani, have submitted expressions of interest (EoIs) for Future Retail.

Additional companies that have submitted EOIs include London-based retailer WH Smith, a consortium led by U.S.-based restructuring firm Gordon Brothers, J.C. Flowers Asset Reconstruction, India’s Jindal Power, and individual investor Harsha Vardhan Reddy.

To attract more potential buyers, Future Retail’s court-appointed resolution professional conducted a second round of EoIs after the initial round failed to generate sufficient interest.

Future Retail, once the second-largest retailer in India, was forced into bankruptcy proceedings after defaulting on loans, prompting banks to take action. However, Reliance’s intended $3.4 billion acquisition of Future Retail faced setbacks when it was rejected by lenders amid a legal challenge posed by Inc.

At this time, Reliance Retail, Jindal Power, J.C. Flowers, WH Smith, and Gordon Brothers have not responded to email inquiries seeking comment.

For more information on this topic, you can visit the websites below:

1. [Link 1](insert relevant link): Provides additional background information on the bidding process and financial troubles faced by Future Retail.
2. [Link 2](insert relevant link): Offers insights into the impact of Reliance’s failed acquisition attempt and the legal battle with Inc.