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Shocked by Reliance Store Purchases, Will Take Back, Future Retail Says: Report


The future holds that Reliance will act to reverse the store’s purchases

NEW DELHI:

Future Retail said on Wednesday it was committed to reclaiming stores that had been captured by rivals Reliance, saying it was impressed with the move.

Reliance, India’s largest retail store, shocked Future on February 25 when its staff suddenly showed up at many of Future’s largest stores to take control when it was seen as a de facto take-it-or-leave-it.

The acquisition came even though Future’s sparring partner, Amazon.com Inc., said it had legal orders banning such store transfers.

Reuters reports that many of Future’s executives were in the dark about Reliance’s plans.

In a statement to Indian stock markets on Wednesday, Future said Reliance was committed to taking all measures to “reverse the acquisition of stores”.

He did not specify how he would do it in the future, but said he was impressed with Reliance’s “sharp and unilateral action”.



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