India's Future says will act to reverse store takeovers by Reliance

Future Enterprises

16/03/2022 11:13

NEW DELHI, March 16 (Reuters) - India's Future Retail
 FRTL.NS  said on Wednesday it was committed to taking back its
stores which were seized by rival Reliance, saying it had been
surprised by the move.
    Reliance, India's biggest retailer, stunned Future on Feb.
25 with its staff suddenly showing up at many of Future's
biggest stores to assume control, in what was seen as a de facto
takeover.  urn:newsml:reuters.com:*:nL2N2V904L
    The takeover occurred even though Future's sparring partner,
Amazon.com Inc  AMZN.O , says it had legal injunctions in place
prohibiting such store transfers. 
    Reuters has reported that many in Future's management were
in the dark about Reliance's plans.  urn:newsml:reuters.com:*:nL3N2V7251
    In a statement to Indian stock exchanges on Wednesday,
Future said it was committed to take all action to seek
"reversal of takeover of the stores" by Reliance.
    Future did not elaborate how it would do so, but said it was
surprised by the "drastic and unilateral action" taken by
Reliance.

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 (Reporting by Aditya Kalra in New Delhi; Editing by Sanjeev
Miglani)
 ((aditya.kalra@tr.com; +91-11-49548021; Twitter @adityakalra;))