Future Group has started the revival process for apparel firm Future Lifestyle Fashions Limited (BSE:536507) (FLF), which is not part of the insolvency proceedings against the group, a day after Reliance called off its deal to buy assets of the Kishore Biyani-owned retailer. FLF, which has not defaulted on loan repayments, plans to sell off a few fashion brands in its portfolio to raise INR 10.00 billion, two company officials privy to the development told ET. The owner department chain Central and discount store format Brand Factory have nearly a dozen apparel labels including Cover Story, aLL, Ancestry, Indigo Nation, Scullers and Urbana in its portfolio.

"The company has already finalised its deal to sell fast-fashion brand Cover Story for INR 2.00 billion and will work with banks and existing investors to restructure loans. It has already held discussions with banks which are supporting the revival plan," one of the officials said. "The idea is to monetise its assets so that it can continue with its business, completely unlinked with the food and grocery business where Reliance has taken complete control of their stores." On April 23, 2022, Reliance Industries Ltd. (RIL) called off its deal to purchase Future Group's assets following the rejection of the proposal by a majority of secured lenders to both Future Retail Ltd. and FLF.