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Amazon wants Future Group to languish: CEO Kishore Biyani

Even after reaching out to Amazon eight times, the ecommerce giant did not provide any help, Future Group CEO Kishore Biyani said.

January 04, 2021 / 08:58 AM IST
Kishore Biyani

Kishore Biyani

 
 
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Amazon wants Future Group to languish, founder and Chief Executive Officer (CEO) Kishore Biyani said. The comment comes while the two companies are locked in a legal battle over Future’s deal with Reliance Industries (RIL).

Even after reaching out to Amazon eight times, the e-commerce giant did not provide any help, Biyani told The Economic Times.

"As part of the agreement, they could have provided us funds through affiliates or financial institutions by taking over loans from existing lenders but they never did despite the agreement clause and our request," Biyani told the paper.

In August 2020, Future Group agreed to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Retail Ventures (RRVL) for nearly Rs 25,000 crore.

"The Reliance deal was a saviour for us and the employees, stakeholders, shareholders and creditors," he said.

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Amazon has a small stake in Future Retail, after it acquired a 49 percent stake in Future Coupons in 2019.

Also read: Delhi HC says FRL-Reliance deal in accordance with laws, but can't stop Amazon from writing to regulators

"We also connected them with four-five investors but they never showed any interest in salvaging us and were only doing lip-service," Biyani told The Economic Times. "What is their intention? They want all employees, suppliers, vendors and lenders to suffer and the company to languish."

In a 12-page letter by Biyani to Amazon's global office, he denies the latter's claims that he breached contractual obligations, the report said. The letter dated December 31, 2020 was written by Biyani on behalf of promoter-led companies

"We had briefed Amazon about the Reliance transaction multiple times and they always supported and were never averse to the same," Biyani said.

The Singapore International Arbitration Centre (SIAC) has ordered a stay on the Future-Reliance deal, after a plea by Amazon.

The Competition Commission of India (CCI) has approved the transaction between Future Group and RIL.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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first published: Jan 4, 2021 08:58 am

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