Future Group to go for mediation over Amazon’s legal notice on Rs 24,713-cr deal with RIL
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US online retailer Amazon.Com Inc has slapped a legal notice on Future Group, alleging that the retailer’s Rs 24,713 crore asset sale to Reliance Industries violated an agreement with the e-commerce giant.
“We have initiated steps to enforce our contractual rights,” a spokesperson for the Seattle-based e-commerce giant said. “As the matter is sub-judice, we can’t provide details.”
Amazon last year bought a 49 per cent stake in one of Future’s unlisted firms, Future Coupons Ltd, with the right to buy into flagship Future Retail after a period between 3 and 10 years. Future Coupons owns a 7.3 per cent stake in Future Retail.
In August this year, Future reached an agreement to sell its retail, wholesale, logistics and warehousing units to Reliance.
The deal is awaiting regulatory approvals.
A source who is advising Future Group in this matter told PTI that Future Coupons received