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Article Timeline - Amazon vs Future Group
How Reliance & Amazon's tussle for acquiring Future's retail businesses is grinding Future Group's lenders. Read the timeline to know it all.
May 2020
Indian lenders have urged debt-ridden Future Retail to merge with another retail player. Its promoters have ~50% stake, half of which is tied with banks as collateral for loans.
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Sources: Business Standard, Reuters
Jun 2020
Kishore Biyani, promoter of troubled Future Retail, plans to sell his 42% stake in the firm. He is in talks with a group of investors. Funds will help clear mounting debt.
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Sources: Inc42, Economic Times
Jul 2020
Reliance Retail is likely to acquire Future Retail for ~₹25k cr. The deal includes Future’s fashion and grocery businesses like Big Bazaar, FBB, Central, Brand Factory, etc.
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Sources: Livemint, Economic Times
Aug 2020
Amazon’s stake in Future Retail is creating a hurdle for Reliance Retail to acquire Big Bazaar’s parent. Amazon aspires to hold ~6% while Reliance wants to give only 1-2%.
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Sources: Livemint, Times Now News
Aug 2020
Reliance will take over the retail businesses of Future Group for ~₹25k cr. It will also invest ~₹3k cr for ~13% stake in the remaining part of Future’s retail ventures.
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Sources: Livemint, Economic Times
Sep 2020
Reliance approaches India Competition Commission to approve its buyout of Future Group’s retail businesses.
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Sources: Livemint, Economic Times
Oct 2020
Amazon has taken steps to stop Reliance Retail from buying out Future Group’s businesses. The stakeholder sent a legal notice to Future for making that move without its approval.
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Sources: Techcrunch, Times Now News
Oct 2020
Amazon might move Indian courts to thwart Future Group from selling its retail Cos to Reliance. Amazon alleged when it bought a ~4% stake (via Future Coupon) in Future Group, the contract had a clause that Future can't sell its retail assets. It also won the case in Singapore restricting the deal. But Future says the deal with RIL complies with Indian law.
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Sources: Inc42, Economic Times
Nov 2020
Amazon has sought ₹1,400cr+ in damages from the beleaguered Future Group for trying to sell its businesses to Reliance. The e-tailer alleged the deal violates its contract with the group.
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Sources: Livemint, Economic Times
Nov 2020
India’s Competition Commission has approved Reliance’s acquisition of Future Groups’ businesses. With this, Amazon’s move to thwart the deal may now be at risk.
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Source: Livemint, Economic Times
Nov 2020
Singapore’s arbitration court rejected Future Retail’s plea to spare it from the proceedings initiated by Amazon. The retailer was accused of violating its contract with the e-commerce firm.
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Source: Livemint, Business Standard
Jan 2021
Market regulator SEBI has approved the ~₹25k cr buyout of Future Group’s businesses by Reliance Retail. This, despite Amazon’s efforts to thwart the deal.
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Source: Moneycontrol, Business Standard
Feb 2021
The Delhi HC has halted the ~₹25k cr sale of Future Group’s assets following the Singapore arbitration court’s order. The courts were moved by Amazon, which objected against the deal.
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Source: Livemint, Economic Times
Aug 2021
India’s top court has ruled in favour of Amazon blocking the ~₹25k cr merger between Future Retail & Reliance Retail. It held the Singapore tribunal’s order against the deal valid & enforceable.
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Source: Moneycontrol, Business Standard
Sep 2021
India’s top court stayed all court proceedings for 4 weeks in the case blocking Future Retail & Reliance deal. Delhi HC had ordered seizing assets of Future group’s promoter for breaching the law.
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Source: Moneycontrol, Financial Express
Mar 2022
Mar 2022
Mar 2022
Amazon & Future Group to settle their legal battle outside court. On Mar 3, the Supreme Court gave the Cos 12 days to seek a solution for their differences over Reliance Industries's acquisition of Future.
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Source: Moneycontrol, Business Standard
Over unpaid rent by Future, Reliance has taken control of its 200 Big Bazaar stores & plans to seize another 250 retail outlets.
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Source: Livemint, Indian Express
Amazon requests the lenders to declare Future Retail as a wilful defaulter. Future failed to repay loans worth ₹15k cr. Amazon's request is seen as a retaliation to Reliance's unapproved takeover of Future stores.
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Source: Moneycontrol, Forbes, Times of India