Future Group founder and CEO Kishore Biyani made a shocking revelation made about US e-commerce giant Amazon Inc, as he justifies why he chose to sell the group's assets to Reliance Industries (RIL).
Biyani says, despite reaching out to Amazon eight times, it did not provide any help to them. “Amazon wants Future Groups all employees, suppliers, vendors and lenders to suffer and the company to languish,” founder and Chief Executive Officer (CEO) Kishore Biyani told a business daily on Monday.
The comment comes while the two companies are locked in a legal battle over Future’s deal with Reliance Industries (RIL). Amazon, after acquiring 49 per cent stake in Future Coupons in 2019, also has a small stake in Future Retail.
"They could have provided us funds through affiliates or financial institutions by taking over loans from existing lenders. However, they did not do so despite the agreement clause and our request," Biyani told The Economic Times.
"The Reliance deal was a saviour for us and the employees, stakeholders, shareholders and creditors," he added.
Biyani further revealed that the company tried to connect Amazon with four-five investors, however, Amazon did not show any interest. He blamed the e-commerce giant of doing only lip service.
Meanwhile, in August last year, Future Group decided to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures (RRVL) for about Rs 25,000 crore.
According to the report, Biyani wrote a 12-page letter on December 31, 2020 on behalf of promoter-led companies to Amazons global office, where he denies Amazon's claims that he breached contractual obligations.
"We had briefed Amazon about the Reliance transaction multiple times and they always supported and were never averse to the same," Biyani told the business daily.
The Competition Commission of India (CCI) has approved the transaction between Future Group and RIL.