Mumbai: Reliance Retail Ventures Ltd (RRVL) issued a statement on Sunday indicating that it intends to assert its rights and complete the transaction in terms of the program and agreement with the Future group without deadline Read also – Mukesh Ambani’s RIL Cancels Salary Cuts and Announces Performance Bonus | Details here
The retail arm of India’s richest man Mukesh Ambani, Reliance Industries Ltd, said in a statement: “RRVL has entered into an asset and business acquisition transaction of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law ”Also Read – Singapore court puts 24,713 Crore Future-RIL on hold and grants interim aid to Amazon
The statement added: “RRVL intends to assert its rights and finalize the transaction in terms of program and agreement with the Future group without any delay »Read also – Amazon employees booked for fraud & Hacking of the main customer’s account
The statement was released after US retail giant Amazon secured major relief against the proposed Rs 24,713 crore combination of Reliance Retail Ventures Ltd and Future’s retail and wholesale business Group when a Singapore arbitration panel decided that the two sides could not go ahead of the deal at the moment
Previously, the company headed by Jeff Bezos claimed that the Reliance-Future deal violated a non-compete clause it had with the Kishore Biyani group
With the dispute, Amazon draws the battle lines with Reliance in the race for the retail market in India, estimated at $ 1 trillion, where online shopping is gaining ground It needs the Indian partner to strengthen its presence after have become the authorized online sales channel for Future Retail stores that sell everything from groceries to cosmetics and clothing
Future vs. Amazon fight comes as Reliance strengthens its position in the country’s retail segment
Reliance Retail Ventures Ltd – run by India’s richest man Mukesh Ambani – is fundraising and since September it has raised Rs 37,710 crore crore by selling shares in its branch retail
RRVL, operates India’s largest, strongest and most profitable retail business, which includes supermarkets, consumer electronics chain stores, wholesale operations, fast fashion stores and an online grocery store JioMart
The company operates approximately 12,000 stores in nearly 7,000 cities, with 640 million visitors in major categories of grocery, consumer electronics and clothing Reliance Retail revenues in FY20 amounted to Rs 163 lakh crore
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Reliance Industries Limited, Future Group, Future Retail, Reliance Retail, Amazoncom, Mukesh Ambani, Arbitrage, Kishore Biyani
News from around the world – UK – Will enforce rights, complete transaction future without any delay: Reliance Retail after Amazon’s victory
