Creditor revolt scuttles Ambani’s retail deal

Bitter dispute: People walking outside a Reliance complex. The company struggles to complete the transaction for Future Retail in the face of legal challenges mounted by Amazon.com. — Reuters

NEW DELHI: It was a contentious plan to repay overseas bondholders in full that brought what would have been India’s biggest retail deal to a grinding halt.

Debt-laden Future Retail Ltd’s offshore bondholders – a relatively smaller part of the creditor pool – were promised 100% payment in the rescue offer from billionaire Mukesh Ambani, according to people with knowledge of the matter.