There is a turning point in the deal between Reliance Industries and Future Group. American e-commerce company Amazon has sent a legal notice to the promoters of Kishore Biyani-led Future Group. Amazon says Future Group has breached a non-complete contract in a deal with Reliance. The company says that Future Group cannot contract with Reliance without Amazon’s permission.
Reliance and Future Group deal
In late August, Reliance Industries announced that its subsidiary Reliance Retail Ventures (RRVL) was acquiring Kishore Biyani’s Future Group’s retail and wholesale business, logistics and warehouse businesses. The deal was done for about Rs 24,713 crore.
Amazon and Future Group deal
In August last year, Amazon invested in Future Coupons. As part of this investment, Amazon received certain rights in the Future Group due to the contract. The non-complete clause comes under this. The notice stated that Future Group has not met the terms of the deal. Future Retail operates more than 1,000 stores nationwide under the Big Bazaar, FBB, Foodhall and Easyday Club brands.
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