Kishore Biyani’s Future Retail’s Rs 24,713 crore deal with Reliance Retail entered troubled waters when he was sent a legal notice by Amazon.com Inc. Blaming Future Retail, Amazon said that the deal violates its clause of ‘contractual rights’, which is forcing the company to move to the Singapore International Arbitration Centre.
Blaming Future Retail, Amazon said that the deal violates its clause of ‘contractual rights’.
Watch: Legal Battle between Reliance and Amazon
What is the Future-Reliance deal?
After months of negotiations, the RIL announced in late August that its subsidiary, Reliance Retail, was working on multi-billion dollar deal with Future Retail. As per the deal, Future Retail will sell its logistics, warehousing, retail and wholesale business to Reliance Retail. Future Group will sell its 1800 stores of premium foods unit Foodhall, supermarket chain Big Bazaar, fashion and clothes chain Brand Factory’s retail and wholesale businesses, Nilgiris and Central to Reliance Retail. With the multi-billion deal with Future …