Amazon warns Future Retail Ltd against selling logistics business to Reliance Industries – The New Indian Express
NEW DELHI: E-commerce platform Amazon has written a new letter to the promoters of Future Retail Ltd (FRL) asking them not to proceed with the sale of the group’s supply chain and logistics business to Reliance Industries, and to comply with the emergency arbitration order issued by the Singapore International Arbitration Center (SIAC).
The e-commerce platform in the letter to the family of promoters reiterated that the transfer of supply chain and logistics activities violated Amazon’s rights under the agreement it had reached with Future Group in August 2020. She said the sale of Future Reliance Industries retail assets was also rejected by the Singapore Arbitral Tribunal.
In a strongly worded letter from Amazon, although Reliance Industries has canceled the Rs 24,000 crore deal to acquire FRL, Future Group is now trying to close a new business deal for the sale of its supply chain and logistics, which are auxiliary and supplementary. to the operations of its retail stores to the same entity (Reliance Industries), which supposedly forcibly took over the retail stores, which contributed 55% to 65% of FRL’s retail revenue.
Amazon says the proposed transaction is intended to further facilitate retail stores’ lock, stock, and barrel discount plan.
READ ALSO | Future Retail denies Amazon allegation of ‘fraudulent scheme’ by independent directors