Future Group’s flagship retail chain Big Bazaar got a new lease of life from Reliance Industries, while the ongoing legal battle continues with the e-commerce giant Amazon, where it has challenged Future Group's deal with RIL to sell its retail and wholesale assets to Reliance Retail Ventures for around Rs 24,700 crores. RIL’s move to bail out Big Bazaar and a purchase order has been signed last week and goods from Reliance Retail are set to replenish shelves at Big Bazaar stores across India.
According to sources, RIL’s move to bail out Big Bazaar exudes the confidence both companies have in closing the deal despite Amazon’s legal moves against it.
Amazon, which owns 49% stake in Future Coupons, one of the unlisted companies of Future Group, claimed that Future Group's deal with Reliance Retail violated contractual agreements between the e-tailer and Biyani’s conglomerate, which operates several retail chains across India, including, FBB, Foodhall, EasyDay and WHSmith apart from Big Bazaar.
Meanwhile, Future Group has started talking to its old suppliers also apart from taking supplies from JioMart. But Amazon’s legal proceedings have complicated things further for its lenders.
