After running the case in
the courts for almost two years, now Future Group and Amazon have assured to
settle the matter out of court. After running the case in the courts for almost
two years now Future Group and Amazon have given assurance of settling the
matter outside the court. Both sides have agreed to talks. In the Supreme Court, the lawyer of Future
Group and Amazon said that they could negotiate outside the court for
settlement and they are ready. Meanwhile, Reliance Industries (RIL) has started
taking control of the stores in Big Bazaar. In the past, many stores of Big
Bazaar were closed. The news is that in this case Amazon can take legal action.
What
is Reliance-Future Deal
Future Retail, the
company of Future Group, has a big retail brand like Big Bazaar. On the other
hand, Reliance Industries aspires to increase its intervention in the retail
market of the country. In view of this, a deal of Rs 24,713 crore was done
between the two companies on 29 August 2020. After the completion of this deal,
Reliance will get Big Bazaar as well as other members of Future Group. Ownership
of retail, warehouse, logistics and wholesale businesses will be available.
What
is the dispute with Amazon
Now there is a problem
with Amazon in this deal. In fact, Future Coupons has a stake in Future Retail,
another company of Future Group Group. In 2019, Amazon bought 49% stake in this
future coupon. Along with this, he also got the right that whenever Future
Group wants to sell the stake of the company, Amazon will have the first right
to buy it.
This is what stops
Kishore Biyani's Future Group from entering into deals with Reliance. To stop
the Future-Reliance deal, Amazon has been saying that Future has violated the
terms of the 2019 deal.
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