Amazon vs Future and Reliance: A Timeline of Events
Here’s all you need to know about the long-drawn battle between two retail giants in India
Amazon and Reliance are both doubling down on their online and offline retail presence in India. While Reliance is trying to acquire another retail behemoth, Future Retail, to do this, Amazon is trying to prevent this deal from happening. The Amazon vs Future and Reliance legal battle has been going on since October 2020, here’s what’s happened so far, and what’s coming next.
November 2019 — Amazon receives approval from the Competition Commission of India (CCI) to acquire a 49% equity stake in Future Coupons — the promoter entity of Future Retail. Future Coupons owns a 7.3 percent stake in Future Retail, which operates 900 stores in India, including 293 Big Bazaar stores. With this deal, Amazon obtained a 3.58% stake in Future Retail.
August 2020 — Reliance Industries (RIL) announces it will acquire the entire retail, wholesale, logistics and warehousing businesses from Future Group in a deal worth Rs 24,713 crore.
October 7, 2020 — Amazon accuses Future Group of breach of contract and slapped it with a legal notice over the Reliance deal. Amazon reportedly had a non-compete-like pact and right of first refusal against deals with…
