EXCLUSIVE: Amazon has warned India's antitrust body that revoking its 2019 deal with Future Group would send a negative signal to foreign investors and allow local retail behemoth Reliance to 'further restrict competition' by AdityaKalra
While Future is staring at liquidation, the legitimacy of the small $200 million deal could have far-reaching consequences for India's retail sector.
And if the 2019 deal is voided, it could make it easier for Reliance to close the Future deal, hurting Amazon's retail ambitions, people familiar with the dispute say. Amazon in its 60-page submission went on to say Future's aim "to unwind the investment" to allow Reliance to consolidate its position "will further restrict competition in the Indian retail market".over Future Retail pits Jeff Bezos' Amazon against Reliance, run by one of India's richest men, Mukesh Ambani, in a bid for retail dominance in India.
Amazon has argued that terms agreed upon in its 2019 deal to pay $200 million for a 49% stake in Future's gift voucher unit prevent its parent, Future Group, from selling its Future Retail Ltdfrom Amazon saying it hid factual aspects of the transaction by not revealing its strategic interest in Future Retail while seeking approvals.
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