Amazon battles retail giants in India
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Amazon (AMZN
+3.5%) has gone on the attack against Future Retail and Reliance Industries in India with accusations of fraud posted this week in Indian newspapers advertisements.
The newspaper tactic followed the failure of talks to resolve a bitter dispute over the $3.4B sale of Future Group's retail assets to the Reliance conglomerate that was announced in 2020. That case is still before the Indian Supreme Court.
Reliance is reported by Reuters to have stunned Amazon (NASDAQ:AMZN) when its staff suddenly showed up at many of Future's biggest stores to assume control.
Last year, Amazon (AMZN) asked the Securities and Exchange Board of India to withdraw its conditional approval of Future Group's $3.4 billion asset sale to Reliance. The e-commerce giant launched a legal battle against the asset sale by partner Future, claiming Reliance was on the list of prohibited entities when Amazon and Future signed their partnership.