Amazon has been contesting the planned $3.4 billion sale of Future Group’s retail assets to Reliance, first announced in 2020. The case is currently before the Indian Supreme Court. Amazon accuses the two retailers of fraud in newspaper ads after Reliance Industries suddenly took over many of Future Retail stores.
Online retail giant Amazon has accused Reliance Industries of “playing a fraud on the constitutional courts in India” by taking control of Future Retail chain stores. The company’s staff showed up at many of Future biggest stores to assume control, sources have told Reuters. Internet retailer Future and its owner Reliance did not immediately respond to requests for comment.
Future has said in filings this month that it could not pay rent at many outlets given its distressed financial situation and that Reliance, which had taken over many of its leases, had issued it with termination notices. Amazon’s public outcry comes even though on March 3 it offered to hold talks.
Online retail giant Amazon has taken out newspaper ads in India to alert stakeholders, including lenders, that the transfer of assets to Reliance Retail is legally prohibited. Amazon is concerned that Reliance is continuing to take over Future stores even as talks continue, a source with direct knowledge of the matter said.
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