Reliance Group in letter defends its takeover of Future Retail stores

Reliance, has privately defended an abrupt takeover of the stores of debt-laden rival Future Retail, saying mounting dues of $634 million compelled it to act beyond expectations, a letter shows

India's top retailer, Reliance, has privately defended an abrupt takeover of the stores of debt-laden rival Future Retail, saying mounting dues of $634 million compelled it to act beyond expectations, a company letter shows.

The takeover was part of the race to dominate a $900-billion retail sector that set off a bitter dispute in which India's Supreme Court will decide whether Reliance or Amazon.com Inc gets to scoop up Future's assets.

The March 8 letter, seen by Reuters, reveals for the first time Reliance's stance on the events of the night of Feb. 25, when staff suddenly showed up at many of