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Deepti Sri · · 1 min readReport: Amazon asks for $40m in exchange for Reliance-Future deal going through
“US e-tail giant Amazon had asked for US$40 million to forego its ‘right of first refusal’ to buy Future Group’s assets in Future Retail,” Times of India reported, citing documents submitted to the Singapore International Arbitration Centre (SIAC).
Details:
- In the documents, Future Retail claimed that Amazon’s head of corporate development and private investments Abhijeet Mazumdar had asked Future Group CEO Kishore Biyani for the amount as “compensation” in exchange for the Reliance-Future deal pushing through.
- Citing messages exchanged between Biyani and Amazon’s global senior vice president and India head Amit Agarwal, Future Group further claimed that the US giant was kept informed of the developments on the Reliance Industries deal.
Context:
- The move comes after Amazon appealed to the Securities and Exchange Board of India and the Competition Commission of India to block the deal between the two largest Indian retail chains.
- However, Indian stock exchanges still greenlit the deal despite the American retailer sending a legal notice to Future Group and approaching the SIAC to call off the transaction in October.
Editing by Miguel Cordon and September Grace Mahino
(And yes, we’re serious about ethics and transparency. More information here.)
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