![Future Enterprises](https://img.etimg.com/thumb/msid-106166783,width-210,height-158,imgsize-443574,resizemode-75/future-enterprises.jpg)
Under the fresh bidding process, which is likely to be kicked off by the end of the month, lenders will run a fresh bidding process seeking separate interests for the insurance and non-insurance businesses, people familiar with the matter said.
"Creditors think that this is the best way forward since insurance is where most of the value of the company is. FEL's stake in the two insurance ventures can be anything between ₹1,000 crore and ₹1,500 crore. Plus, there could be some value assigned to the rest of the assets. Both together will fetch more than what the last bid for the company was," said a person familiar with the development.
To be sure, voting by lenders to seek separate bids is ongoing and will end only on Friday. However, a majority of the lenders have already agreed to go ahead with the twin bid process.
Last week ET reported that lenders have voted to restart the bidding process in the hope of better valuations after rejecting Kolkata-based Jindal (India) Ltd's offer of ₹301 crore, which amounted to just above 2% recovery for the total admitted claims of ₹13,540 crore.
"Besides insurance, this company also has a textile manufacturing unit, then there are some supply chain and logistics ventures which can fetch some value," said a second person aware of the process.
In May last year, before FEL was admitted to the insolvency process, banks managed to recover a cumulative ₹1,266 crore after the group completed the sale of the general insurance business to its Italian partner Assicurazioni Generali S.p.A. The money was divided among banks as part of the restructuring plan initiated in 2021.
Banks are also entitled to the proceeds from Future's 26% stake in Future Generali India Insurance Co. FEL also holds a residual stake in Future Generali India Life.
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