The difficulties regarding the Reliance Industries-Future Group deal are not taking the name of lessening. This deal has been stuck for almost two years due to Amazon’s impediment. At the same time, now a dispute has started between Reliance Retail and Future Retail regarding stores.
What’s the matter: In fact, Future Retail Limited (FRL) has accused Reliance of forcibly taking over the store. Future has said that its board will take all necessary action to withdraw the acquisition of the store by the Reliance Group. After hearing this news, the shares of almost all the companies of Future Group got sold and reached a 52-week low.
Futures Retail closed at Rs 38.40, down nearly 9 per cent on the BSE index. At the same time, Future Enterprises was down about 17 per cent at Rs 7.45 level. Talking about Future Lifestyle Fashion, it has come down 9 percent to the level of Rs 41. On the other hand, Future Supply Chain Solutions is down 5 per cent at Rs 53.65. All of them hit 52-week lows.
Recently, Reliance Retail took control of Future Group stores and offered jobs to its employees. The move was taken by Reliance Retail after the Biyani Group store owners did not pay rent. After this, Amazon raised the matter in the court and now Future Group has said that we are surprised by this attitude of Reliance. FRL and its Board are taking steps to arrive at a better solution which will be in the interest of all.