Monday, 15 November 2021 10:09

Indian retail firm releases new details in bid to end Amazon deal Featured

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Indian retail firm releases new details in bid to end Amazon deal Image by Gerd Altmann from Pixabay

Indian retail outlet Future Retail has released details of dealings with global retail giant Amazon in a bid to break off a deal between the two companies.

The details were released to the Indian law enforcement agency, the Enforcement Directorate, by independent directors of Future.

Reuters reported that a 160-page stock exchange filing on Sunday showed the directors had reviewed the 2019 deal between Amazon and Future Coupons, a sub-unit of Future Retail.

The directors said Amazon's statements to the Competition Commission of India seeking the green light for the agreement did not match the US firm's internal statements.

Future sold its retail assets to India's Reliance Industries for US$3.4 billion (A$4.57 billion) last year.

This deal has now been frozen after Amazon claimed Future had broken contracts with the US retail giant by the Reliance sale.

The directors said in a 10 November letter that Amazon's stated reasons for investing in Future Coupons did not match what it had said in internal emails.

An Amazon India executive had reportedly said in an email that the US company was using a "'twin-entity investment' structure to invest in Future Retail" due to restrictions in Indian law.

The directors argued that this meant the deal with Amazon had to be scrapped.

This is the second case in India where Amazon has been involved in recent days; last month the US company was accused of copying Indian products and manipulating search results to favour its own products over private Indian brands. Amazon has denied the claims.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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