Reliance surprised Future on February 25, and its employees suddenly showed up to take control of many of Future’s biggest stores.
Reliance surprised Future on February 25, and its employees suddenly showed up to take control of many of Future’s biggest stores.
India’s Future Retail on Wednesday said it was committed to taking back its stores, which were confiscated by rival Reliance, saying it was surprised by the move.
India’s largest retailer Reliance stunned Future on February 25 when its employees suddenly showed up to assume control of several of Future’s biggest stores in what was seen as a genuine takeover.
The acquisition comes even as Future’s sparring partner, Amazon.com Inc., says there was a legal injunction prohibiting such store transfers.
Reuters has reported that many in Future’s management were in the dark about Reliance’s plans.
In a statement to the Indian stock exchanges on Wednesday, Future said it is committed to taking all action sought by Reliance to “reverse the acquisition of stores”.
Future did not specify how it would do so, but said it was surprised by the “drastic and unilateral action” taken by Reliance.