Reliance takes over Future Retail's stores
Following the effective takeover of Future Retail stores by Reliance Industries, its employees have been offered jobs, even as the Kishore Biyani led Future Group is locked in legal battle with Amazon over the sale of its retail business to Reliance.
Reliance Retail has started taking over the premises in which Future Retail is operating such as Big Bazaar and replaced them with its brand stores.
Future Retail store employees were also offered jobs to bring them under Reliance’s ambit.
Meanwhile, Amazon declined to comment over the development.
Notably, following the announcement of the deal in 2020, store owners had approached Reliance as Future was unable to pay their rents.
Reliance then signed leased agreements with the owners and sub-leased the premises to Future Retail wherever it was possible, for it to continue its operations.
The exact number of stores which would now come under Reliance’s occupation is yet to be ascertained.
Reliance will reportedly look to use those spaces which are commercially viable and will employ close to 30,000 store staff in the process.
The Kishore Biyani led Future Group had announced the sale of its retail wing including its wholesale business and the logistics and warehousing to Reliance Retail Ventures Limited (RRVL) in a deal worth ₹24,713 crores in August 2020.
Amazon at that time had opposed the deal and lodged cases against Future Group at various forums including Singapore International Arbitration Centre (SIAC) in October 2020.
The matter is also pending before the Supreme Court, Delhi High Court and National Company Law Tribunal (NCLT).
