NEW DELHI: Future Retail 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 February 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.
The takeover occurred even though Future’s sparring partner, Amazon, 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.
In a statement to 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.
Reliance, India’s biggest retailer, stunned Future on February 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.
The takeover occurred even though Future’s sparring partner, Amazon, 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.
In a statement to 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.
!function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window, document,’script’, ‘https://connect.facebook.net/en_US/fbevents.js’); fbq(‘init’, ‘593671331875494’); fbq(‘track’, ‘PageView’);
More News
India now net exporter of medical consumables – Times of India
If you get a notice, make sure to file your I-T return or face scrutiny – Times of India
Dr Reddy’s Q4 net profit up 36% – Times of India