A legal battle may erupt between Jeff Bezos’s e-commerce company Amazon and Mukesh Ambani’s Reliance (RIL). The American company is considering involving Reliance in a legal battle with Future Group.
Reliance is likely to be made a party in the Delhi High Court during the hearing this week. Amazon favors making Reliance a party to the ongoing case in the Delhi High Court, besides the Singapore International Arbitration Center (SIAC) and the Supreme Court of India.
Recently, Reliance Industries has pulled out of the deal to acquire Future Group’s retail business. However, Reliance has control over 950-Big Bazaar stores. Let us tell you that Big Bazaar is a supermarket chain and the primary source of income for the crisis-ridden Future Retail.
Let us tell you that in August 2020, Reliance made an offer to buy the assets of Future Retail for Rs 24,713 crore on sale basis. Reliance had agreed to pay over Rs 12,000 crore out of the deal amount to Future’s lenders.
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However, the deal was challenged by Amazon in different courts. Recently, Bank of India, the principal lender of Future Retail, filed an application to initiate insolvency proceedings against Future Retail.