Future Retail Ltd., Amazon.com Inc.’s Indian retail partner, is in need of funds. The company is in talks with banks for funding a missed interest payment before the deadline, Friday.
An interest due on July 22 on its 5.6% 2025 dollar notes amounting to $14 million was missed by the company. The 30-day grace period also expires on Friday. If the company misses to meet this deadline, then it would be considered as a default – the first by an Indian company on a dollar security since March.
On Thursday, people familiar to the matter said that the Future Retail is in discussions with the lenders led by State Bank of India to help pay the interest on their dollar security. The bank, however, declined to commit to the financing.
