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Exclusive-Amazon talks with India’s Future broke down over U.S. firm’s demand of $200 million-sources -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Amazon’s logo was pictured in Bengaluru (India), April 20, 2018, by Abhishek N. Chinnappa. REUTERS/AbhishekN. Chinnappa

By Aditya Kalra

NEW DELHI (Reuters – Dispute settlement discussions between Amazon.com Inc. and India’s Future Retail stopped due to disagreement regarding the U.S. Group’s request for the return at least $200m it has invested in India, according two sources.

Amazon has been blocking the sale of Future’s retail assets for $3.4 billion to Reliance since February 2020. This was due to a violation of contracts. Future has denied wrongdoing and there was hope of an out-of court settlement recently after Future and Amazon agreed to negotiations.

The two parties informed India’s Supreme Court on Tuesday that the talks were over. Amazon removed newspaper advertisements criticising Future and Reliance.

Two people with knowledge of settlement negotiations told Reuters that Amazon representative informed Future it could resolve the dispute if the U.S. could return at least $200m it invested in a Future unit for 2019 – the deal at the center of ongoing legal disputes.

Future offered to take a similar amount of stock in one of the remaining companies within its group after Reliance acquires most of its retail assets. Future claimed that it was financially troubled and instead proposed a stake equal to this. According to sources, Amazon declined.

Future and Amazon have not responded to emails seeking comments.

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