Reliance Future Deal ,Reliance took control of Future Stores overnight, Amazon took Mukesh Ambani lightly
Reliance Future Deal: On the night of February 25, around 8 o’clock, Reliance employees started coming to Future Group Stores. No one knew who they were, and they started asking for access to the entire store. There was an atmosphere of tension from the officers to the shop staff. Overnight, Reliance seized Future’s stores and took over the entire operation. Amazon took Reliance (Amazon vs Reliance) lightly and had no idea it could happen. Now Amazon is offering to resolve the issue through discussion.
New Delhi: Last week, light blue crates of Reliance, India’s largest retailer, were spotted unloading at some Future Group stores in Mumbai. Consumers were kept away from all this for safety reasons. At the same time, customers are saddened to see that Big Bazaar’s boarded stores are about to close and will soon be rebranded as Reliance outlets. Similar scenes were seen across the country, with Mukesh Ambani’s Reliance Industries taking over Future Group’s retail stores (Reliance Future Deal). The legal battle between Reliance and Amazon (Amazon vs Reliance) is currently underway in the Supreme Court. Reliance started all this at around 8 pm on February 25, when the company’s employees started coming to the Future store. The management of Future Group was not even aware of Reliance’s plan. Store employees also started calling here and there.
At 8 o’clock that night, an employee saw what had happened
According to the Reuters news agency, an employee of the Big Bazaar store in Delhi said the incident took place around 8 pm. He said the situation is very worrying, everyone is upset. No one knew who those people were. He wanted access to the entire store, but the seniors had no idea what was going on. Similarly, in the Future store at Sonpat in Haryana, Reliance took over the entire store and the employees were asked to leave. According to a source, when Future Group employees arrived at the store in Vadodara in West Gujarat this morning, they were told to return home and no reason was given.
The reason given by Reliance to take control
Reliance has taken over about 200 non-paying Big Bazaar stores and plans to control about 250 Future retail outlets. Collectively, they are the crown of the future retail network and account for about one-third of all future outlets.
Reliance’s last blow to Amazon
Many experts are considering Amazon’s latest move to suddenly take over Future’s stores from Reliance. That is, he assumes that Amazon has nothing left, and Reliance has taken over the stores. All of this has happened after e-commerce company Amazon won several legal battles and blocked the Reliance-Future deal. A source close to Amazon said that now that Amazon is fighting for whom, the shops have disappeared.
Reliance offers jobs to Future Group employees
On February 26, Future Retail stated that it was reducing its operations to reduce losses. However, the company did not say anything about Reliance. Future Group currently has more than 4 billion in debt. Reliance, on the other hand, has offered a great deal of relief to Future Group employees by hiring them in the store. This means that even if Reliance suddenly takes over Future Group stores, it will not affect the jobs of its employees.
Amazon had taken Reliance lightly
Amazon’s position has been tough since the Reliance-Futures deal, but on Thursday, about six days after Reliance’s decision, Amazon offered to resolve the dispute through discussion during a Supreme Court hearing. Future Group has also accepted the company’s offer. Amazon lawyer Gopal Subramaniam said, “People have taken over the shops. Let’s at least discuss.” Negotiations between the companies may start soon. The outcome of the conversation was anything but, as Amazon had taken Reliance lightly and had no idea it could happen, experts say.
A dispute arose between Amazon, Future Retail and Reliance after Reliance Retail bought Future Retail. In such a scenario, many do not understand where Amazon came from in the deal between Future Retail and Reliance Retail and what the dispute between the three has reached the court. The situation is that the case has gone to the Supreme Court and is also being tried in arbitration courts around the world.
Find out where Amazon came from in the Future-Reliance Deal!
Future Group has agreed to sell its retail, warehousing and logistics business to Reliance Industries for about Rs 24,000 crore. Amazon had objected to the deal, saying in August last year that it had bought a 49 per cent stake in FCPL, the promoter of Future Retail. The deal gives Amazon the right to ask to invest in Future Group. In addition, after a period of three to 10 years, the group’s flagship company, Future Retail, has acquired the right to purchase equity. Explain that FCPL has a 7.3% stake in Future Retail.
