As per a report in Economic Times, private equity fund Texas Pacific Group (TPG) may take over the assets of Vishal Retail and convert it to a cash-and-carry operation. Texas Pacific Group has submitted its intent to invest to the corporate debt restructuring (CDR) committee, which involves six banks, of the 12 creditors who are collectively owed Rs 736 crore by Vishal. Vishal will carry out a slump sale to this newly formed company, transferring all its assets and most of its liabilities. TPG’s operation will also have a sister company that will carry out the retail operations. An Indian associate company of TPG will own this firm. Lease agreements of some 140 stores owned by Vishal Retail will be transferred to the retail company, while the inventory, other assets and all liabilities will be transferred to the cash-and-carry company. A working capital infusion of about Rs 50 crore will be made to the retail company as well. The process will see the exit of RC Agarwal, who built a nationwide chain out of the shop he founded in Kolkata 24 years ago. The proposal is being considered by the CDR committee of Vishal. In the meantime a significant write-down of inventory by the company has added to the chaos of the CDR process, with at least one lender demanding an audit investigation into the company’s books.