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India’s Future Retail Unable to Meet $471 Million Debt Deadline

  • Retailer’s grace period on INR35b of debt ends at end of month
  • Spokesman didn’t immediatly respond to request for comment
A shopper walks through a Big Bazaar hypermarket, operated by Future Retail, in Mumbai.

A shopper walks through a Big Bazaar hypermarket, operated by Future Retail, in Mumbai.

Photographer: Dhiraj Singh/Bloomberg
Updated on

Future Retail Ltd. isn’t in a position to make a payment on 35 billion rupees ($471 million) of past-due debt before the grace period expires and will also miss an upcoming $14 million bond coupon deadline, according to people familiar with the matter.

Its dollar bond fell following the news, suffering its biggest decline in about three weeks on Friday.