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Amazon to acquire 100 per cent stake in Future Retail

  

Amazon is planning to acquire 100 per cent stake in Future Retail by investing 1,431 crore in it. As per reports, Amazon's investment exposure is limited to Rs 1,431 crores in Future Corporation alone as Future Group's total assets are worth in excess of Rs 30,000 crore plus. The Future Group employs around 50,000 employees. Banks and financial institutions have an exposure in excess of Rs 18,000 crore towards unpaid debts from Future Group's account(s). Suppliers and vendors will also have an exposure in excess of Rs 7,500 crore towards unpaid bills from Future Group's account(s).

Even prior to the lockdown, owing to COVID 19, physical retail of Future Group business suffered losses owing to lesser sales/revenues. After the commencement of lockdown in March-2020, the situation became worse. This resulted in Future Group defaulting in payment of approximately Rs 10,000 crore plus to financial institutions and lenders, vendors and suppliers, and to landlords in respect of unpaid borrowings, bills and lease rentals respectively.

In addition, there was reduction and delay in payment of salaries and incentives to the employees. This crisis is exponentially increasing by the day, and it continues, as at date, and consequential deterioration of significant value of Future Group's assets.

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