Reliance stunned Future on February 25 when its employees suddenly appeared at many of Future’s largest stores to take control
Reliance stunned Future on February 25 when its employees suddenly appeared at many of Future’s largest stores to take control
India’s Future Retail on Wednesday said it had pledged to take back its stores seized from rival Reliance and said it was surprised by the move.
Reliance, India’s largest retailer, stunned Future on February 25 when its employees suddenly appeared at many of Future’s largest stores to take control of what was seen as a de facto takeover.
The acquisition came despite Future’s sparring partner, Amazon.com Inc., saying it had court orders prohibiting such memory transfers.
Reuters has reported that many in Future’s management were ignorant of Reliance’s plans.
In a statement to Indian bourses on Wednesday, Future said it was committed to taking all measures to secure a “reversal of the takeover of the businesses” by Reliance.
Future didn’t explain how it would proceed, but said it was surprised by the “drastic and unilateral action” Reliance had taken.
