Future Retail says will act to reverse store takeovers by Reliance

Since the last week of February 2022, Reliance Group has unilaterally terminated the leases and forcefully taken over control of hundreds of Future Retail's stores, said FRL on Wednesday

Future Retail said on Wednesday it was committed to taking back its stores which were seized by rival Reliance, saying it had been surprised by the move.

Reliance, India's biggest retailer, stunned Future on Feb 25 with its staff suddenly showing up at many of Future's biggest stores to assume control, in what was seen as a de facto takeover.

The takeover occurred even though Future's sparring partner, Amazon.com Inc, says it had legal injunctions in place prohibiting such store transfers.

Reuters has reported that many in Future's management were in the dark about Reliance's plans.

In a statement to