wordpress blog stats
Connect with us

Hi, what are you looking for?

Everything you need to know about the Amazon vs Reliance and Future Retail case

The companies have been at loggerheads ever since Reliance said that it will acquire Future Group’s retail, wholesale, and logistics business.

Reliance and Amazon are both aggressively expanding their online and offline retail offerings in India in a bid to capture the country's rapidly growing retail market. But Reliance's attempt to acquire the debt-ridden Future Retail to do this has been legally challenged by e-commerce giant Amazon. Here's everything you need to know about the battle between these companies which have been going back and forth since October 2020. Origins of the issue Amazon acquires stake in Future Coupons (November 2019): Amazon received approval to acquire a 49 percent equity in Future Coupons, the promoter entity of Future Retail, which operates 900 stores in India, including 293 Big Bazaar stores. Since Future Coupons owned a 7.3 percent stake in Future Retail, the deal gave Amazon a 3.58 percent stake in Future Retail. Reliance announces it will acquire Future Retail (August 2020) – Reliance Industries announced it will buy most of Future Group’s retail, wholesale, and logistics business in a deal worth Rs 24,713 crore, offering Future a lifeline in the face of mounting debts, potentially saving thousands of jobs. Amazon accuses Future of breach of contract and obtains injunction order from Singapore (October 2020) – Amazon accused Future Group of breach of contract and slapped it with a legal notice over the Future-Reliance deal. Amazon reportedly had a non-compete-like pact and right of first refusal against deals with competitors like Reliance Retail. On October 25, Amazon obtained an injunction order against the Future-Reliance deal from an emergency arbitrator appointed by the Singapore International Arbitration Center (SIAC). Future goes to Delhi High Court…

Please subscribe/login to read the full story.
Written By

Free Reads

News

As per a report, Apple has been testing its own large language model (LLM) since last year but its technology remains behind the AI...

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ