Amazon has disputed the planned sale of Future Group’s retail assets to Reliance worth $3.4 billion, first announced in 2020, and the case is currently before the Indian Supreme Court.

Amazon.com Inc has gone on the offensive in its bitter dispute with two Indian retailers, accusing them of fraud in Indian newspaper advertisements on Tuesday after Reliance Industries suddenly took over many Future Retail stores. Amazon has disputed the planned sale of Future Group’s retail assets to Reliance worth $3.4 billion, first announced in 2020, and the case is currently before the Indian Supreme Court.

Reliance, India’s largest conglomerate and retailer, run by the country’s richest man, began taking over the prized real estate in utter secrecy on Feb. 25 as staff showed up at many of the largest future stores to take control. , sources have told Reuters. Under the headline “PUBLIC NOTICE” in leading Indian newspapers on Tuesday, Amazon said, “These actions have been done in a clandestine manner by playing scams in the constitutional courts in India.”

Future and Reliance did not immediately respond to a request for comment. Amazon’s public outcry also comes on March 3 when it offered to hold talks. The ongoing talks have raised hopes that the dispute can be resolved.

Future has indicated in files this month that it was unable to pay rent at many stores due to its precarious financial situation and that Reliance, which had taken over many of its leases, had issued notice of termination notice. Amazon is concerned that Reliance is talking about Future stores even as talks continue, according to a source with direct knowledge of the matter who was not authorized to speak to the media and declined to be identified. The newspaper ads were intended to warn all stakeholders, including Future’s lenders, that transferring assets to Reliance is prohibited by law, the source added.


This post Amazon denounces Reliance’s acquisition of Future stores as ‘fraud’ in newspaper advertisements in India was original published at “https://www.financialexpress.com/industry/amazon-slams-reliance-takeover-of-future-stores-as-fraud-in-india-newspaper-ads/2461380/”

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