In his first interview, post sellout of Future Group to Reliance Industries, to ET, Kishore Biyani spilled the beans that RIL had come as a savior, whereas Amazon among other lenders waited for the company to languish. Biyani said he has not made a single penny from the transaction but has lost his retail business and right to be in retailing space. Elaborating further, he said “In spite of repeatedly reaching out to Amazon and other lenders like Samara Capital and the American company (who bought Future Coupon) the lenders either didn’t respond or just provided lip service and but none of them came forward to help or resolve financially rather they allowed and were waiting for the company, employees, stakeholders, shareholders and creditors to languish.”
In Covid-19 crisis, Future Group has been compelled to sell his chain of retail stores, warehousing and logistics businesses to Reliance Retail Ventures (RRVL), the retail arm of Mukesh Ambani-controlled Reliance Industries (RIL), for Rs 24,713 crore last year. Amazon has alleged Future Retail of breaching takeover norms, disregarding the award of the Singapore International Arbitration Centre (SIAC) and acting against the small stakeholders of Future Group in order to benefit group promoter Biyani.
Earlier, Future Retail had asked the Securities and Exchange Board of India (Sebi) to review and give approval to its deal with Reliance Retail as soon as possible. The retail company wrote a letter to the market regulator citing the Delhi High Court judgment that the FRL board’s decision to allow the merger of listed entities and sell retail assets to RIL was valid under Indian law.