Amazon takes on Future over deal with Reliance Retail

New Delhi, Oct 8 : In a major turn of events in the buyout of the businesses of the debt laden Future Group by Reliance Retail, e-commerce giant Amazon.com, Inc has stepped in and said that Future Group violated a contract with it by entering into the sale agreement with the Mukesh Ambani-led retail major.

“We have initiated steps to enforce our contractual rights. As the matter is sub judice, we can’t provide details,” an Amazon spokesperson said in an e-mail response to IANS.

Last year, Amazon acquired a 49 per cent stake in Future Coupons, a Future group entity.

In August, Reliance Retail Ventures Limited (RRVL), a subsidiary of RIL announced that it is acquiring the retail, wholesale, logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lump sum aggregate consideration of Rs 24,713 crore, subject to adjustments as set out in the composite scheme of arrangement.

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The acquisition is part of the scheme in which the Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL).

Disclaimer: This story is auto-generated from IANS service.

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