Reliance Vs Amazon: Reliance Retail, chairman of Reliance Industries and India’s richest industrialist Mukesh Ambani, has said that it will complete its deal with Future Group without any delay. The company’s statement came after a Singapore court granted an interim stay on the deal between Reliance and Future Group on Amazon’s appeal. Reliance has entered into a deal to buy Future Group’s retail and wholesale business for Rs 24,713 crore. Following this decision, Reliance Group has issued a press release.
This release said that Reliance Retail Ventures Ltd has come to know about the Singapore Court’s decision. Reliance Retail has acquired the business and assets of Future Retail. This transaction has been done for the same. Legal advice has been taken before proceeding on this deal and the deal has been completed keeping in mind Indian law. At the same time, we want to complete the transaction as soon as possible with the Future Group without delaying our rights.
Reliance vs Amazon
Last year, Amazon agreed to buy a 49 percent stake in an unlisted company of Future Group. Also, there was a condition that Amazon would have the right to buy the stake of Future Retail Limited after a period of three to 10 years. Meanwhile, debt-ridden Kishore Biyani’s group recently entered into an agreement to sell its retail store, wholesale, and logistics business to Reliance Industries. Against this, Amazon has moved the court of arbitration.
Amazon believes that Future Group has breached the agreement with Reliance Industries. If the deal goes through, it would have helped Reliance almost double its presence in India’s retail sector. Meanwhile, Reliance Retail Ventures Ltd (RRVL), part of RIL Retail, said they have been informed of the interim order of the emergency intermediary. They said, “RRVL has the business and assets of Future Retail Limited only after appropriate legal advice.” Has initiated the process of acquisition which is completely under Indian law. ”