Sunday, November 29, 2020
Home Business News Big Bazaar: RIL helps cash-strapped Big Bazaar restock shelves | India Business...

Big Bazaar: RIL helps cash-strapped Big Bazaar restock shelves | India Business News – Times of India


NEW DELHI: Future Group’s flagship retail chain Big Bazaar, which was facing an acute inventory crunch as a result of non-payment or late payment of dues to suppliers, has received a fresh lease of life, due to Reliance Industries’s (RIL’s) JioMart. JioMart, a part of RIL’s retail arm Reliance Retail, has stepped in to help the brick-and-mortar retail chain with fresh stock. A purchase order has been signed last week and goods from Reliance Retail are set to replenish shelves at Big Bazaar stores across India, sources said.
The move comes at a time when Kishore Biyani-led Future Group is locked in a bitter legal feud with Seattle-headquartered Amazon over the sale of its retail and wholesale assets, including 1,550 Big Bazaar stores, to RIL for around Rs 24,700 crore. “RIL’s move to bail out Big Bazaar exudes the confidence both companies have in closing the deal despite Amazon’s legal moves against it,” said a person familiar with the development. While Future Group did not comment on this matter, an RIL spokesperson, too, did not respond to an emailed query.
Amazon, which owns 49% stake in one of Future Group’s unlisted companies — Future Coupons — claimed that the deal that was announced in August violated contractual agreements between the e-tailer and Biyani’s conglomerate, which operates several retail chains across India, including, FBB, Foodhall, EasyDay and WHSmith apart from Big Bazaar. “Future Group has started talking to its old suppliers, too, apart from taking supplies from JioMart,” said a person close to Future Group. “But Amazon’s legal proceedings have complicated things further for its lenders.”
Future Retail on Saturday filed a suit in the Delhi high court seeking relief against Amazon from interfering in the deal. Future argued that Amazon was “misusing” the interim award passed by the emergency arbitrator of the Singapore International Arbitration Centre (SIAC) in October that has put the RIL-Future deal on hold.



Source link

Avatar
Sahilhttp://digitalguruji.org
In this blog our main motive is to provide you all kind of latest information about technology, politics, sports, and health. If you want to read this information then you should have to visit our website. This information will help you to increase your knowledge.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

‘No pressure from Army’, says Imran Khan amid protests against military establishment inference in governance – Times of India

ISLAMABAD: Amid rising discontent in the country over Pakistan military establishment interference in the politics and governance, Pakistan Prime Minister ImranKhan said that...

Uttarakhand to provide free JEE-NEET coaching on weekends – Times of India

DEHRADUN: The Uttarakhand education department has directed officials of several districts to run JEE-NEET coaching classes on weekends with the help of virtual...

Trump loses another election court challenge – Times of India

WASHINGTON: The US state of Pennsylvania's supreme court dismissed another legal challenge to the election by supporters of President Donald Trump on Saturday,...

Half-yearly exams won’t be done online, Sengottaiyan clarifies – Times of India

ERODE: The Tamil Nadu school education minister K A Sengottaiyan said that he will hand over the reports on reduced subjects to the...

Recent Comments