Amazon, India’s Future Agree to Talks, Aim to Resolve Bitter Legal Dispute

Amazon has successfully stalled Future's $3.4-billion (roughly Rs. 25,792 crore) asset sale to rival Reliance since 2020.

Amazon, India’s Future Agree to Talks, Aim to Resolve Bitter Legal Dispute

Photo Credit: Amazon

Amazon's olive branch comes soon after Reliance started seizing control of around 500 Future stores

Highlights
  • Counsel for Future agreed to the talks
  • Amazon’s position has been backed by Singapore arbitrator, Indian courts
  • Reliance transferred leases of some of Future's supermarkets to its name

In an unexpected move on Thursday, Amazon counsel Gopal Subramanium suggested at a Supreme Court hearing that the two sides negotiate, saying the "whirlpool" of disputes fought on multiple fronts had been dragging on for too long.

"All that I'm saying is let us at least have a conversation. We cannot allow the spinners' wheel to continue like this. Please consider this," Subramanium said.

"We must agree, discuss ... come face-to-face and discuss the best possibilities."

Counsel for Future Group agreed to the talks, saying "nobody is winning in this battle." The judges said the two sides can take 10 days to reach a possible solution.

Amazon has successfully stalled Future's $3.4 billion (roughly Rs. 25,792 crore) asset sale to Indian rival Reliance since 2020, accusing its business partner of violating certain contracts. Future denies any wrongdoing, but the US firm's position has been backed by a Singapore arbitrator and Indian courts.

Amazon's olive branch comes just days after Reliance started seizing control of around 500 Future stores, rebranding them as their own outlets despite the ongoing legal disputes.

Reliance had previously transferred leases of some of Future's flagship supermarkets to its name, but allowed Future to still operate them. Reliance has now begun to take possession of the prized real estate after Future failed to make rental payments to it, sources say.

© Thomson Reuters 2022


Gaana CEO and Spotify's India chief join us on Orbital, the Gadgets 360 podcast, to discuss India's unique music streaming landscape. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Ukraine Crisis: UK Broadcasting Regulator Opens More Probes Into Russia's RT
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.