Amazon Sends Legal Notice to Future Group over Asset Sale to Reliance Group
NEW DELHI, 12th October 2020: US based eCommerce giant Amazon sends a legal notice to Future Group, alleging that the retailer's $3.4 billion asset sale to Reliance Industries violated an agreement with the e-commerce giant.
"We have initiated steps to enforce our contractual rights," a spokesperson for the Seattle-based e-commerce giant said. "As the matter is sub-judice, we can't provide details."
In August 2019, Future Retail had informed stock exchanges that Amazon.Com NV Investment Holdings LLC would acquire 49 per cent stake in Future Coupons from their promoters, led by Kishore Biyani, for an undisclosed amount.
At that time Future Coupons held 7.3 per cent stake in Future Retail. As part of the agreement, Amazon was also granted a call option, which allowed the US e-comme...