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Amazon slams Reliance’s takeover of Future Stores in Indian newspaper ads as ‘fraud’

A delivery boy parks his scooter in front of a Reliance Smart Bazaar retail store, which was previously Future Retail's Big Bazaar outlet in Mumbai
A delivery boy parks his scooter in front of a Reliance Smart Bazaar retail store, which was previously Future Retail’s Big Bazaar outlet, in Mumbai, India, March 14, 2022. REUTERS/Francis Mascarenhas

March 15, 2022

By Aditya Kalra and Abhirup Roy

NEW DELHI (Reuters) – Amazon.com Inc has gone on the offensive in its bitter dispute with two Indian retailers, accusing them of fraud in Indian newspaper ads on Tuesday after Reliance Industries suddenly took over many Future Retail stores.

Amazon has challenged the proposed $3.4 billion sale of Future Group’s retail assets to Reliance, first announced in 2020, and the case is currently before India’s Supreme Court.

Reliance, India’s largest conglomerate and retailer run by the country’s richest man, began taking over the valuable properties in utmost cover on February 25, when its associates showed up at many of the biggest stores of the future to take control, sources told Reuters.

In advertisements headlined “PUBLIC NOTICE” in leading Indian newspapers on Tuesday, Amazon said: “These actions were carried out in a clandestine manner by deceiving the Constitutional Courts in India.”

Future and Reliance did not immediately respond to a request for comment.

Amazon’s public outcry comes despite offering to hold talks on March 3. The ongoing talks have raised hopes of a settlement to the dispute.

Future said in the files this month that it was unable to pay rent at many branches given its tight financial situation and that Reliance, which had taken over many of its leases, had given it resignation letters.

According to a source with direct knowledge of the matter, who was not authorized to speak to the media and declined to be identified, Amazon is concerned that Reliance will continue to take over future stores even as talks continue.

The newspaper ads aimed to alert all parties involved, including Future’s lenders, that transferring assets to Reliance is prohibited by law, the source added.

(Reporting by Aditya Kalra and Abhirup Roy; Editing by Edwina Gibbs)

https://www.oann.com/amazon-accuses-indias-future-reliance-of-fraud-in-newspaper-ads/?utm_source=rss&utm_medium=rss&utm_campaign=amazon-accuses-indias-future-reliance-of-fraud-in-newspaper-ads Amazon slams Reliance’s takeover of Future Stores in Indian newspaper ads as ‘fraud’

DUSTIN JONES

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