India's Future says will act to reverse store takeovers by Reliance
Reliance, India's biggest retailer, stunned Future on 25 Feb with its staff suddenly showing up at many of Future's biggest stores to assume control, in what was seen as a de facto takeover
India's Future Retail said on Wednesday it was committed to taking back its stores which were seized by rival Reliance, saying it had been surprised by the move.
Reliance, India's biggest retailer, stunned Future on 25 Feb with its staff suddenly showing up at many of Future's biggest stores to assume control, in what was seen as a de facto takeover.
The takeover occurred even though Future's sparring partner, Amazon.com Inc , says it had legal injunctions in place prohibiting such store transfers.
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Reuters has reported that many in Future's management were in the dark about Reliance's plans.
In a statement to Indian stock exchanges on Wednesday, Future said it was committed to take all action to seek "reversal of takeover of the stores" by Reliance.
Future did not elaborate how it would do so, but said it was surprised by the "drastic and unilateral action" taken by Reliance.
