Indian retailer Future Group have alleged in documents given to Singapore International Arbitration Centre (SIAC) that Amazon asked them $40 million to forego their ‘right of first refusal’ in order to buy their assets in Future Retail.
They claimed that the head of corporate investments and private investments at Amazon had verbally told the promoter of Future Group Kishore Biyani about the offer, where he asked for “$40 million as compensation in exchange for the Future Group and Reliance proceeding with the disputed transaction.” Amazon was also aware of the deal happening between the Future Group and Reliance Industries Limited (RIL).
Future Group owns Big Bazaar and is in a legal tussle with Amazon because the latter announced a proposal deal with RIL worth Rs.24,713 crore. The Group had a right of first refusal deal with Amazon that they now want to repeal before the SIAC.
