In late August, RIL said that its Reliance Retail Ventures (RRVL) unit is acquiring the retail and wholesale business and the logistics and warehousing business of the Future Group, promoted by Kishore Biyani, as going concern on a wholesale basis. lower by a lump sum of total consideration of Rs 24,713 crore.
In August 2019, Amazon purchased a 49 percent stake in Future Coupons for approximately Rs 1.5 billion. The latter owns a 7.3 percent stake in Future Retail, which operates more than 1,000 stores under the Big Bazaar, Fbb, Foodhall and Easyday Club brands.
The notice alleges that Future Group did not meet the criteria of its agreement.
The Amazon-Future Group dispute claim redress mechanism includes knocking on court doors and also the arbitration process.
ET Now said RIL, Amazon and Future Group declined to comment.
Prior to the report, RIL shares closed 2.13 percent at Rs 2,257.15, while Future Retail fell 1.89 percent to Rs 88.30, and Future Enterprises was down 1.68 percent at Rs. 11. , 74 rupees.
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