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Future-RIL deal | Future Group rejects Delhi High Court proposal for entering into talks with Amazon for amicable resolution

Last week, Kishore Biyani said that Amazon’s bid to stall Future Group’s $3.4 billion retail assets sale is similar to Alexander the Great’s “ruthless ambition to scorch the earth."

February 02, 2021 / 04:29 PM IST
Future Group Chairman Kishore Biyani.

Future Group Chairman Kishore Biyani.

The Kishore Biyani-led Future Group on February 2 rejected the Delhi High Court's proposal to enter into talks with e-commerce giant Amazon for amicable resolution with the latter in a Rs 24,713-crore deal with Reliance Industries (RIL), according to a report by CNBC-TV18.

The Delhi High Court had proposed the appointment of a two-judge panel to help Amazon and Future Group negotiate a settlement.

However, Future Group turned down the proposal and said a lot of water has flown under the bridge and the talks will not lead anywhere."We have no privity of contract with Amazon. It will create tremendous confusion to have talks with Amazon. We do not concede to this suggestion," the business channel reported quoting Senior Advocate Darius Khambata for Future Retail as saying.

Future Group further said that Future Retail (FRL) is a publicly-listed company and has no contract with Amazon.

It added that it has entered scheme with Reliance, and has already filed for NCLT approval.

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Last week, Kishore Biyani said that Amazon’s bid to stall Future Group’s $3.4 billion retail assets sale is similar to Alexander the Great’s “ruthless ambition to scorch the earth."

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Moneycontrol News
first published: Feb 2, 2021 04:17 pm

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