Amazon acquired 49 per cent stake in Future Coupons which is a promoter group entity of Future Retail. Amazon argues that Future's deal with Reliance Retail is invalid and violation of its 2019 agreement.
Future Group promoter Kishore Biyani has alleged that Amazon is "playing the dog in the manger" and trying to create a confusion about the group's Rs 24,713-crore deal with Reliance Industries.
Amazon had written several letters to the SEBI and other regulatory agencies to suspend their review of the deal and not grant it a no objection certification on ground that its challenge to the agreement was before the Delhi High Court.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold.
US online retailer Amazon.com Inc has slapped a legal notice on Future Group, alleging that the retailer's Rs 24,713 crore asset sale to Reliance Industries violated an agreement with the e-commerce giant.
Shares of Reliance Industries on Monday rose nearly 3 per cent after it announced the acquisition of Future Group’s retail, wholesale, logistics and warehousing businesses for Rs 24,713 crore.
With Future Retail takeover Reliance Retail now consolidated its position in Retail Space. Now Reliance Retail has entered into Upmarket, Metro and Malls. Future Retail has a good presence in these areas.
Industrialist Mukesh Ambani's Reliance Industries Ltd on Saturday announced the acquisition of Future Group businesses for Rs 24,713 crore to add to its fast-expanding retail business and bolster e-commerce to take on the competition from Amazon.com.
Future Group has been forced to pull out as the company is reportedly on the verge of a takeover and has suffered losses due to the prevailing hostile economic climate in the wake of the COVID-19 pandemic.
Equities came under heavy selling pressure in the afternoon session on July 29 with benchmark indices slipping by 1 per cent amid mixed cues in global markets.The BSE SandP Sensex closed 422 points or 1.1 per cent lower at 38,071 while the Nifty 50 l
Kishore Biyani-led Future Group on Friday said it is investigating the "rumours" regarding its financial abilities, a list of lenders and debt numbers circulating on social media that have led to hammering of stock prices of its listed entities.