Amazon to counter Future Group’s allegations over Reliance Industries

17 January 2022, Mumbai:

Amazon.com Inc. is planning to counter Future Group’s contention that it is bound to choose Reliance Industriesas an acquirer instead of Amazon as an investor because of restrictions on foreign investments in India.

The American e-commerce giant plans to show that the Rs 24,713 crore RIL-Future deal also entails foreign money flow into Future Retail as overseas investors hold a substantial stake in RIL and its unit Reliance Retail Ventures Ltd, two people familiar with Amazon’s plan said, requesting anonymity.

Future Group’s counsel has been arguing that it was compelled to choose RIL because Amazon could not bail out Future given the foreign investment curbs on multi-brand retail.

Amazon plans to tell the court that even under the existing laws, money can be routed to help struggling Future Retail Ltd (FRL), somewhat similar to how RIL has structured its Rs24,713 crore purchase of retail and other assets of Future Group.

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