Amazon fights for its ‘rights’ in the Future Retail-Reliance deal – sends legal notice to the Kishore Biyani Group
Amazonhas said that it was denied the Rights of First Refusal for the deal with Future Group.
- In August, the Mukesh Ambani-led Reliance had acquired Future Group’s assets by way of a ‘slump sale’.
- Amazon in 2019 had picked up a 49% stake in
Kishore Biyani’s Future Group’s – Future Coupons for ₹1,431 crore.
In August, the Mukesh Ambani-led Reliance had acquired Future Group’s assets by way of a ‘slump sale’. However, even then speculations were rife about what happens to Amazon’s previous partnership with Future Coupons.
Amazon in 2019 had picked up a 49% stake in Kishore Biyani’s Future Group’s – Future Coupons for ₹1,431 crore. As part of the agreement, Amazon had been granted a call option. This option allows Amazon to acquire all or part of the promoters' shareholding in
Advertisement“We have initiated steps to enforce our contractual rights. As the matter is sub-judice, we can’t provide details,” Amazon said in a statement.
With the matter now having taken a legal turn, Amazon could pose a major hurdle in the completion of the Reliance and Future Group deal. Earlier, it was reported by several publications that Amazon was in talks with Reliance for a 40% stake in Ambani’s retail venture.
Even though the deal didn’t go ahead, Amazon has been strengthening its foothold in India. Amazon had recently received ₹1,125 crore from its Singapore-registered parent entity.
Additionally, Amazon and Samara Capital are investing ₹275 crore ($37.5 million) into MORE – the retail chain the duo had acquired from Kumar Mangalam Birla’s Aditya Birla Group, according to filings sourced by financial data platform paper.vc.
Private companies in India can now convert permanent jobs into fixed-term contracts — without offering severance pay or a fixed tenure
- MPs should put pressure on Centre to include Kerala's demands in central budget:CM
- Final stage of Budget 2021-22 commences with Halwa ceremony
- Farmers' Protest: Local eateries facing tough time due to free langars at Singhu Border
- Venture Capital funding in India hits $3.1 billion in Q4 of 2020, says KPMG report
- A scary proposal to use facial recognition and AI by an Indian state has experts fuming