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.

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.

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.

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%.

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.

Sources: Livemint, Economic Times

Sep 2020

Reliance approaches India Competition Commission to approve its buyout of Future Group’s retail businesses.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Source: Moneycontrol, Forbes, Times of India