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Future Retail attempting to mislead shareholders, regulators
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FRL defended itself in a letter of its own to the bourses, reiterating arguments made in an earlier communication.
Agencies
Amazon said FRL’s letter amounts to violation “of the SEBI Act and allied regulations, in addition to being in contravention of the interim award.
Mumbai: Amazon accused Future Retail Ltd (FRL) of attempting to deceive shareholders and regulators by misrepresenting the Delhi High Court’s recent observations on the Indian company’s deal to sell its retail assets to Reliance Retail Ventures Ltd. FRL defended itself in a letter of its own to the bourses, reiterating arguments made in an earlier communication.
Amazon invested Rs 11,400 crore in India in 2019-20
The investments have been made even though most of the Amazon s business units in India registered losses during the fiscal
PTI | December 30, 2020 | Updated 10:05 IST
Amazon Seller Services, Amazon Wholesale (India), Amazon Pay (India) and Amazon Transportation Services had registered losses in FY20 at Rs 5,849.2 crore, Rs 133.2 crore, Rs 1,868.5 crore and Rs 48.1 crore, respectively
US e-commerce giant Amazon has pumped in over Rs 11,400 crore (about $1.5 billion) during FY2019-20 across its marketplace, payments and wholesale business units in India to bolster its position in the country s burgeoning digital commerce market. The investments have been made even though most of the Amazon s business units in India registered losses during the fiscal.
New Delhi: With an epic battle of billionaires for supremacy in one of the world’s most prolific markets and a pandemic-propelled surge in online shopping in the background, India’s nearly trillion-dollar retail market is hoping to touch 85 per cent of the pre-COVID business in the first half of the new year.
In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world’s wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach USD 1.3 trillion by 2025.
Updated Dec 30, 2020 | 09:12 IST
Future Group is reopening its offices, hiring top management executives across formats, Future Group founder Kishore Biyani told employees in an email. Representational image
Key Highlights
The retail chain operator had trimmed its operations due to a severe cash crunch amid the Covid-19 led nation-wide lockdown.
In an email to employees, Kishore Biyani said Future Consumer and Future Enterprises have received large orders from Reliance Retail
New Delhi: The Future Group has got a new lease of life and is reopening its offices, hiring top management executives across formats after its deal with Reliance Retail. The retail chain operator had trimmed its operations due to a severe cash crunch amid the Covid-19 led nation-wide lockdown.