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An epic war between two of the world's biggest business houses seems to be shaping up. It is for getting hold of the retail space in some of the world's biggest consumer market, that is India.
In August 2019, the U.S. firm, the e-commerce online retail giant Amazon.com Inc., bought a 49 per cent stake in Kishore Biyani’s retail conglomerate Future Coupons, a promoter group entity of Future Group’s retail business, which owns 7.3 per cent of Future Retail for about Rs 15,000 million. This deal provided Amazon with a 3.58% stake in Future Retail, contractual rights like a right of first refusal, a non-compete-like pact, and to purchase more stake in Future Retail.
In August 2020, Mukesh Ambani’s Reliance decided to buy the retail and some other businesses of Future Group. The Future Group’s sale of its retail and wholesale businesses to Reliance Industries Ltd (RIL) triggered a dispute.
Also Read: Reliance Industries falls 7% post Q2 results
In October 2020, circumstances became such that Amazon had to spend some time, money and valuable resources in appointing law firms to launch some legal proceedings. Amazon has served a legal notice to Future Coupons over the deal with Reliance Industries. It will initiate arbitration proceedings against the Future Group and the arbitration will be outside India, most likely before the Singapore International Arbitration Centre. moneyinvestors.in/epic-war/
source https://www.flickr.com/photos/165450454@N07/50443097161/
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