Amazon tells India regulator its partner Future Retail is misleading public

Saturday, 31 October 2020Newsdesk

Amazon.com Inc AMZN.O has complained to India's market regulator that its local partner Future Retail Ltd FRTL.NS misled shareholders by incorrectly saying it was complying with its contractual obligations to the U.S. e-commerce giant, a letter seen by Reuters shows.

New Delhi, 31 October 2020

Amazon is locked in a bitter legal dispute with Future Group, which in August sold its retail assets to Mukesh Ambani-led Reliance Industries Ltd RELI.NS for $3.4 billion. The deal, Amazon alleges, breaches 2019 agreements by Future.

The tussle has strained Amazon’s ties not just with Future Retail - one of India’s top retailers - but also with Ambani, Asia’s richest man, and his Reliance group, which is fast expanding its e-commerce business and threatening companies like Amazon.

Source -Reuters