Future discloses new documents to bolster case against Amazon deal
3 years, 1 month ago

Future discloses new documents to bolster case against Amazon deal

Live Mint  

Independent directors at India's Future Retail have disclosed new documents in a letter to the country's antitrust watchdog aiming to bolster their case against Amazon.com Inc as they seek to revoke a 2019 deal between the two companies. A 160-page stock exchange filing on Sunday showed the directors reviewed records related to the 2019 deal between a group unit, Future Coupons, and Amazon, and argued that disclosures by the U.S. company before the Competition Commission of India when it sought approval of the deal contradicted Amazon's own internal communications at the time. The two companies' legal dispute, centred around Amazon's deal to invest $200 million in Future Coupons, has become a high-stakes battle which could determine the dominant player in India's retail market in the years ahead. According to the Sunday filing, Future's directors told the CCI in a Nov. 10 letter that Amazon's intentions were not to invest in Future Coupons because of its "unique business model and strong growth potential", as it stated while seeking approvals.

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