Mistaken identity costs Future Group dear

The mistaken identity and the government’s failure to push through FDI in retail dampened sentiment at the counter.

By ET Bureau | Updated: Dec 20, 2011, 02.40 AM IST

Futura Polyesters has recently been admitted to corporate debt restructuring, a forum where lenders and the borrower mutually agree to rework the loan terms.

Traders who got the whiff of the news confused Futura with Future Group’s retail business. The mistaken identity and the government’s failure to push through FDI in retail dampened sentiment at the counter.

But, the Biyanis vehemently denied that the group is facing a liquidity crunch. Futura Polyester has outstanding loan of less than Rs 200 crore.

Contributed by Vijay Gurav & Sangita Mehta

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