Future group makes bid for Vishal, may queer TPG pitch

Future Group has made an offer for distressed Vishal Retail Ltd that could derail a bid by TPG Capital LP to acquire the troubled company, according to sources. TPG had obtained the approval of lenders to purchase Vishal in March. The Indian retailer’s board had last month approved a non-binding, non-exclusive memorandum of understanding for talks with TPG.

Vishal’s bankers, including State Bank of India, HDFC Bank Ltd and ING Vysya Bank Ltd among others, are currently engaged in the restructuring of debt amounting to Rs730 crore. Some of the banks that are not part of the debt recast, including Singapore’s DBS Bank Ltd, London-based Barclays Bank Plc and Deutsche Bank AG, have filed separate winding-up petitions against Vishal in the Delhi high court.