Negotiations between Amazon and Future Retail to end the dispute have failed. The American conglomerate has sought to return the $200 million it invested in Future Group. This information has been revealed by quoting Reuters.
Reliance Industries and Future Group had announced a deal worth $ 3.4 billion in the year 2020. Under this, Reliance was to buy the assets of Future Retail. However, Amazon put the deal on hold for months, citing breach of contract, while Future Group denied anything of the sort. Future Group said it had done nothing wrong.
Cases of various related parties are still pending in the court. Amidst the ongoing hearing in the Supreme Court, it was expected that both the parties would make an out-of-court settlement. At the same time, on Tuesday, both the parties told the Supreme Court hearing the dispute that the talks had failed. Amazon had published advertisements in newspapers criticizing both the parties Reliance Industries and Future Group.
Two sources with close knowledge of negotiations to end the dispute told Reuters that Amazon representatives have informed Future that the dispute could end if the $200 million invested in the Future unit in 2019. The dollars are returned to the American company.
However, Future Group has instead offered to give a stake in one of the companies left with the group after Reliance’s takeover. The company says that its financial condition is not good. Sources say that Amazon has turned down this offer of Future Group. A source says that there are many factors in the talks to end the dispute. The amount demanded by Amazon to return the investment is just the minimum.