Skip to main content
Mumbai: The founding family of Amazon.com Inc’s physical retail partner in India violated loan terms, according to people with knowledge of the matter, as market turbulence from the coronavirus pandemic adds to financial strains in the country. At issue, the loans taken out by the Biyani founding family of the Future Group, which includes listed companies, including Amazon Partner Ltd. said, asking not to be identified as the details are private.

The development comes after another such case emerged this week, as the founder of

Ltd. repays equity-backed debt after a stock market rout causes a breach of debt terms. The coronavirus emergency triggered record declines in risk assets around the world in recent weeks ahead of Tuesday’s rallies, and Indian stocks were no exception. This put pressure on tycoons who had used equity-backed debt to grow their businesses over the years.

A spokesperson for Future Group declined to comment. The Biyani family is in talks with their creditors to resolve the issue. They are considering selling stakes in the companies to repay their debt in exchange for forbearance from creditors, who have the option to seize the shares instead, the people said, asking not to be identified because the the matter is private.

Source link

Leave a Reply