You are here: Home » Companies » News
Business Standard

Amazon sends legal notice to Future Group over Reliance deal: Report

Amazon, in its legal notice, cited a contract arrangement that included "a restricted list" of companies Future was not supposed to enter deals with, according to the report

Topics
Amazon | Future Group | Biyani’s Future Retail

Reuters 

Amazon
Amazon last year acquired a 49% stake in Future Coupons Ltd, which owns a 7.3% interest in the retail group that operates more than 1,500 stores in India, including grocery chain Big Bazaar.

com Inc has sent a legal notice to a promoter of India's over the retailer's deal with Reliance Industries, ET Now reported on Wednesday, citing sources.

In August, Mukesh Ambani-led Reliance said it would acquire the retail and wholesale business as well as the logistics and warehousing business of Future in a deal valued at $3.38 billion, including debt.

Amazon's investment in came with contractual rights, which includes a right of first refusal and a non-compete-like pact, a source told ET Now, adding that this was the main reason why the legal notice was sent to Future Coupons.

Amazon, in its legal notice, cited a contract arrangement that included "a restricted list" of Future was not supposed to enter deals with, according to the report.

did not immediately respond to a Reuters request for comment.

last year acquired a 49% stake in Future Coupons Ltd, which owns a 7.3% interest in the retail group that operates more than 1,500 stores in India, including grocery chain Big Bazaar.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, October 07 2020. 22:03 IST
RECOMMENDED FOR YOU
.