Forty-nine prospective resolution applicants (PRAs) have submitted expressions of interest for Future Retail Limited (NSEI:FRETAIL), including Reliance Retail Limited, Jindal Power Limited, an Adani Enterprises Limited (BSE:512599) (Adani Group) joint venture, WH Smith Travel Ltd., and a number of scrap dealers and waste recyclers. This is a provisional list released by the Resolution Professional. Future Retail has been undergoing bankruptcy proceedings since July last year.

Incidentally, the RIL Group, the Adani Group, and WH Smith had been among the earlier list of final PRAs released in November last year. Future Retail has franchise rights from WH Smith Travel to operate its retail stores in India. Ambit Flowers Asset Reconstruction Co.

Private Limited (JC Flowers Asset Reconstruction) was not on the earlier list. It is an active participant in buying stressed assets in India. Last year, it acquired a pool of non-performing assets from YES Bank for $1.4 billion.

None of the PRAs, who were shortlisted earlier, submitted resolution plans though the deadline was extended twice, the last being February 20. On March 23, the RP again invited expressions of interest with some differences. PRAs could submit a bid for the company as a whole (Option 1) or they could submit bids for clusters (Option 2), which the RP split into five.

Cluster classifications: Cluster 1 is the business of Future Retail on a standalone basis with large and small format stores. Cluster 2 is the stake of Future Retail in TNSI, running the WH Smith business. Cluster 3 is the gourmet food chain and food hall business.

Cluster 4 is inventory and fixed assets at various locations, and Cluster 5 are the residual assets, investments, and brands that are not part of the other clusters. Interested parties can submit resolution plans for either the first option or for any individual cluster or a combination of them. Weightage would be given to those who submit plans for the first option, that is the company as a whole.

The piecemeal sale of the company in the form of clusters has attracted interest from a good number of scrap dealers and waste recycling companies, as the list showed. They are likely eyeing the fixed assets of the company which is in the form of furniture, fixtures, and leasehold improvement within the rented stores. The final list of PRAs will be released on April 13, while the deadline for submitting resolution plans is May 15.