Reliance Industries has withdrawn its proposed acquisition of Future Retail, ending its lengthy battle with U.S. e-commerce giant Amazon for control of the Indian grocery chain.
since the Indian conglomerate announced its deal to acquire Future Retail’s stores and warehouses in August 2020. Amazon, which had claimed that the Reliance deal violated its 2019 agreement with another Future Group company, wants to add Future’s Big Bazaar stores to expand its brick-and-mortar presence across India.
In 2019, Amazon acquired 49% of Future Coupons, a payments provider that offers gift cards and other products, to gain a foothold in India’s retail market. Amazon was subsequently named sole e-commerce provider for some Future Group brands. But Future Group agreed to sell its retail and wholesale operations to rival Reliance the following year in August 2020. Reliance needs Future to accelerate the expansion of JioMart venture, which delivers daily essentials via a vast network of mom-and-pop shops.
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