The purchase of Kishore Biyani’s Future Group is not going to stop the ongoing battle between the world’s richest man Jeff Bajos and India’s richest man Mukesh Ambani. The future retail group with Reliance Retail of Rs 24,713 crore.
However, market experts say the fight between Mukesh Ambani and Bezos is far bigger than buying Future Retail. The fight is about conquering India’s one trillion dollar retail market. The quarrel between the two industrialists is not just about buying future group assets. It is a struggle to regain control over retail in a country with a population of 130 crore. Both Reliance and Amazon are trying to conquer this market and both are not willing to give up easily.
War on the future of dates
January 2019: Amazon buys 49% stake in Kishore Biyani’s Future Group’s Future Coupon for Rs 1,431 crore.
August 30, 2020: Mukesh Ambani signs an agreement to buy Future Retail for Rs 24,713 crore.
October 8, 2020: Amazon sends notice of deal with Reliance. With Amazon refusing, it said the future could be dealt with by someone else.
October 25, 2020: Singapore court issues an interim order in favor of Amazon and decides to block the Reliance-Future deal.
October 25, 2020: Reliance announces that it has begun acquiring future assets on legal advice.
October 29, 2020: Amazon appeals to SEBI and BSE to intervene in the case, citing a Singapore court order.
November 1, 2020: Future retailer tells Amazon and BSE that Amazon is wrongly trying to block the deal.
November 2, 2020: Future retailer files a petition in the Delhi High Court against Amazon.
November 7, 2020: Singapore Adalat seeks relief in future Delhi High Court.
December 21, 2020: The petition filed by Future Retail (FRL) was not accepted by a single bench of Justice Mukta Gupta in the Delhi High Court.
January 2021: Amazon files a petition to the Delhi High Court to seize Kishore Biyani’s assets and terminate its Reliance-Future deal.
February 2, 2021: A single bench of the High Court orders the Prediction and Reliance Agreement.
February 22, 2021: Chief Justice D.N. The Divisional Bench of Patel and Justice Jasmeet Singh withheld a single bench ruling.
Why the future is special
Now 1800 retail stores in 400 major cities of the country under the name of Big Bazaar
Reliance Retail will have access to 5000 small cities due to its future business
Reliance is now helping to expand 12,000 retail stores in 7,000 cities
Why Amazon is not ready to back down
If it can buy Fuer, it could push Reliance’s plans in the e-commerce field. Reliance Retail is preparing to enter the e-commerce space soon. However, they are working on a completely new model for this. It plans to deliver the goods through the small shopkeepers. Reliance has the necessary impact on money and the market. However, Reliance does not specialize in e-commerce business.
Who is so powerful in the ‘future’ war
Amazon founder and CEO Jeff Bezos owns $ 178 billion in assets. At the same time, Reliance owner Mukesh Ambani owns nearly Rs 90 billion. In such a situation, they both lack the wealth to occupy a massive retail market like India. While Reliance connects retailers nationwide with Jio Mart, Amazon is fast connecting retailers nationwide with its e-commerce portal. By providing a better platform for all, it is delivering on small zip codes across the country.
War of the future: Who is more powerful than Amazon-Reliance
