Amazon Takes On Future Group Over Deal With Reliance, Sends Legal Notice

Global retail giant Amazon has sent a legal notice to promoters of Future Group for allegedly breaching a non-compete contract over the latter’s deal with Reliance Industries NSE -0.81 % (RIL), ET Now reported on Wednesday.

In late August, RIL said its unit Reliance Retail Ventures (RRVL) is acquiring the retail and wholesale business and the logistics and warehousing business from the Kishore Biyani-promoted Future Group as going concerns on a slump sale basis for a lump sum total consideration of Rs 24,713 crore.

In August 2019, Amazon bought a 49 per cent stake in Future Coupons for about Rs 1,500 crore. The latter owns 7.3 per cent stake in Future Retail NSE -5.44 % that operates in more than 1,000 stores under Big Bazaar, Fbb, Foodhall and Easyday Club brands.

The notice alleges Future Group did not meet the criteria of its deal.

Sandip Ginodia , CEO

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