Future Retail to soon be rebranded as Reliance
By MYBRANDBOOK
Prospective customers were turned back by security, disappointed at the closed state of the store that still carries the signage of Future's biggest brand, Big Bazaar, which will likely soon be rebranded as a Reliance outlet.
Reliance has taken control of operations of some 200 Big Bazaar stores and has plans to seize another 250 of Future's retail outlets. Reliance plans to retain Future's employees at the stores it takes over.
The high-profile bitter dispute between corporate titans in which Amazon has sought to block Reliance's planned $3.4 billion purchase of Future Group's retail assets is currently before India's Supreme Court.
At a Future store in Sonipat town in northern Haryana state, announcements were made asking customers to leave as Reliance seized control. In Vadodara in western Gujarat, Future employees arriving for work the next morning were asked to go back home with no explanation.
Reliance Industries, India's biggest conglomerate run by Mukesh Ambani, presses ahead with a shock de facto takeover of prized retail real estate that Amazon.com Inc has been keen to take part-ownership of. Reliance's sudden possession of the stores appears to have landed as a coup de grace that spoils Amazon's chances of untangling the transfer of Future's assets to Reliance.
Amazon, which has a stake in a separate Future Group unit that it argues prevents Future from selling retail assets without its permission, has called the supermarkets and other stores an "irreplaceable" network in a sector worth $900 billion in revenues annually. Amazon at a Supreme Court hearing unexpectedly called for cordial talks to end the dispute - a proposal Future agreed to.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
DRUVA SOFTWARE PVT. LTD.
TEJAS NETWORKS INDIA PVT. LTD.
FIRE BOLTT
RELIANCE JIO INFOCOMM LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Daisy Chittilapilly
Daisy Chittilapilly is the President of Cisco’s India and SAARC regi...
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
ICONS OF INDIA : SOM SATSANGI
With more than three decades in the IT Sector, Som is responsible for ...
PARTNER SPEAKERS
PSU
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
