Delhi: On Saturday one of the top Indian retailers Reliance called off its $3.4 billion deal with Future Group.
The deal was called off by Reliance Industries Limited stating that it “cannot be implemented” after Future’s secured creditors rejected it.
Since 2020, the deal between the two parties was in legal battles as Future’s partner Amazon.com Inc legally blocked it.
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Amazon cited that the deal was a violation of certain contracts but Future denied any wrongdoing.
Reliance said the deal now cannot go through as “the secured creditors of FRL (Future Retail) have voted against it” at a stock exchange filing.
“… The secured creditors of FRL have voted against the scheme. In view thereof, the subject scheme of arrangement cannot be implemented,” said RIL.
The deal was rejected by Future’s secured lenders on Friday.
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Even though once it had more than 1500 outlets across the country it is now on the verge of a bankruptcy process.