NEW DELHI, March 15 – Amazon.com Inc took the offensive in its bitter dispute with two Indian retailers accusing them of fraudulently advertising in Indian newspapers on Tuesday after Reliance Industries (RELI.NS) unexpectedly has acquired many of the Future Retail Stores (FRTL.NS).
Amazon is contesting a planned $3.4 billion sale of Future Group retail assets to Reliance, first announced in 2020, and the case is currently pending before India’s Supreme Court.
Reliance, India’s largest conglomerate and retailer run by the country’s richest man, began holding valuable real estate in a highly secretive manner Feb. 25, when its employees showed up at many of Future’s biggest stores to take over, sources told Reuters. More
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In an advertisement headlined “PUBLIC NOTICE” in leading Indian newspapers on Tuesday, Amazon said, “These acts were carried out in secret, by fraud in India’s constitutional courts.”
Future and Reliance did not immediately respond to a request for comment.
Amazon is causing public outcry, despite the fact that on March 3 it offered to negotiate. The ongoing negotiations raised hope that the dispute could be resolved. More
Future said in documents this month that she is unable to pay rent at many outlets due to her dire financial situation and that Reliance, which took over many of her leases, sent her notices of termination.
Amazon is concerned that Reliance continues to take over Future stores even as negotiations continue, according to a source with direct knowledge of the matter, who was not authorized to speak to media and declined to be named.
The newspaper advertisement was intended to alert all concerned, including Future’s creditors, that the transfer of Reliance’s assets is illegal, the source added.
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Reporting by Aditya Kalra and Abhirup Roy; Editing by Edwina Gibbs
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