Reliance to take over Future Retail outlets
Hyderabad: Reliance Industries has begun the process of taking control of the operations of the Future Retail Stores. While Amazon has investments in Future Retail Group, Reliance's acquisition deal has led to a controversy.
The Big Bazaar shopping malls across the country are being run under the management of Future Retail Stores. But now, Reliance hopes to continue them with its brand name. It is also reassuring those who have been working with Future Retail Stores that they will be treated as employees of Reliance.
Future Retail chief Kishore Biyani disclosed in August 2020 that a deal with Reliance Retail Ventures Limited (RRVL) worth Rs 24,713 crore was signed for the takeover. The controversy has erupted ever since. While e-Commerce giant Amazon has pulled Future Retail into Singapore International Arbitration. The case was pending before the Supreme Court, the Delhi High Court and the National Company Law Tribunal (NCLT).
All legal hurdles must be removed for this agreement to be formally implemented. In this backdrop, if the deadline for completion of the multi-billion crore contract is extended to March 31 this year, will it get clearance in the courts by then? It remains to be seen.
