Light blue colored grocery crates that belonged to Reliance were seen landing at Future Retail stores. Customers were kept a little away from all this in terms of safety. Even the seniors at Future Stores had no idea about it. They were ranging the phone, but they had no idea what was happening. In this way, Reliance took control of many stores of Future Retail. At the same time, Reliance gave a big relief to the employees of Future Group and offered to hire them in the store. That is, Reliance has suddenly taken over the stores of Future Group, but this will not affect the jobs of the employees.
That’s why took control of the stores
Let us now know why Reliance took control of Future Group’s stores. Reliance said that dues of these stores were not paid by Future Group, hence control was taken. Actually, Reliance had given space to Future Stores on sub-lease. When Future Retail failed to pay the rent, Reliance Retail sent a notice to terminate the sub-lease of 950 stores. Future Retail said it has received notices from Reliance companies for sub-lease of certain properties, including 342 large stores such as Big Bazaar, Fashion Bazaar and Easy Day and Includes 493 smaller stores such as heritage stores.
Know what experts are saying
Experts believe that suddenly taking control of Future’s stores from Reliance’s side was Reliance’s last attack against Amazon. That is, he is assuming that now there is nothing left in Amazon’s hands and Reliance has taken over the stores. All this has happened after e-commerce giant Amazon has won many legal battles. A source close to Amazon said that now for whom Amazon will fight, the shops are no longer there.
Amazon now wants to resolve the matter through talks
Now Amazon has proposed to resolve this dispute through talks during the hearing in the Supreme Court. Future Group has also accepted the offer of the company. Whatever the outcome of the conversation, experts believe that Amazon took Reliance lightly and had no idea that such a thing could happen.
The matter started from here
A dispute arose between Amazon, Future Retail and Reliance after Reliance Retail put in to buy the business of Future Retail. In August 2020, Future Group had signed a deal to sell its retail, warehousing and logistics business to Reliance Industries for about Rs 24 thousand crore. Objecting to the deal, Amazon had said it had bought 49 per cent stake in Future Retail’s promoter company FCL in August last year. FCPL holds 7.3 percent stake in Future Retail.
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Source: navbharattimes.indiatimes.com
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