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Bond Market News
Amazon-Reliance Talks Fail Regarding Future Retail, Say Lawyers
March 16, 2022
Amazon, Reliance and Future Retail talks have failed regarding the sale of Future Retail. This comes over a week after Future Retail’s and Amazon’s lawyers agreed to initiate talks for an out-of-court settlement to break the impasse regarding Future Retail’s $3.4bn asset sale. Amazon’s lawyer Gopal Subramanium told the court, “We made efforts but I think nothing is possible by way of resolution. The conversation is over”. In February 2022, Future Retail could not pay rent for stores and in response, Reliance had taken over those leases and subsequently possession of 900 stores, including the famous Big Bazaar. Future Retail said it was not against arbitration in Singapore and the company has not transferred the stores to Reliance on its own volition. Amazon also published a newspaper advertisement as “Public Notice” saying these actions were done clandestinely by playing a fraud on the constitutional courts in India.
Future Retail dollar bonds were slightly higher – its 5.6% 2025 were up 0.31 points to 58.75, yielding 27.38%.
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