India's top retailer, Reliance, will take on at least 200 Future Retail stores after the company failed to make lease payments for them to Reliance, two people with direct knowledge of the matter told Reuters on Saturday.
A woman shops inside the Big Bazaar retail store in Mumbai, India, November 25, 2020. REUTERS/Niharika Kulkarni/File PhotoNEW DELHI, Feb 26 - India's top retailer, Reliance, will take on at least 200 Future Retail
Since 2020, Reliance has failed to close a $3.4 billion deal to acquire the retail assets of Future, whose partner Amazon.com Inc has successfully blocked the transaction by citing violation of some contracts. Future denies any wrongdoing. As Future failed to make the payments, Reliance has decided to run and rebrand about 200 outlets that would otherwise be closed, they said.
The company is "scaling down its operations which will help us in reducing losses in the coming months," it said, without mentioning Reliance's plan to take over many such outlets."Over 200 stores will transition to Reliance stores," said one source, who asked not to be named as the details of the plan were not public.
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