Reliance-Future Group deal: Amazon sends legal notice

Amazon said it has sent a legal notice to a promoter of Future Group, alleging the Indian retailer breached the terms of its contract by signing a deal with Mukesh Ambani’s Reliance Industries.
The online retail giant last year acquired a 49% stake in Future Coupons Ltd, the promoter entity which owns a 7.3% interest in Future Retail , the operator of more than 1,500 stores in India including grocery chain Big Bazaar.
Amazon’s investment in Future Group came with contractual rights that include a right of first refusal and a non-compete-like pact, a source told ET Now, which first reported the news.
The e-commerce firm, in its legal notice, cited a contract arrangement that included “a restricted list” of companies Future was not supposed to enter deals with, ET Now said.