Amazon confirms that Samara Capital has invested Rs. 7,000 crore ready to invest

New Delhi: Amazon Has written to independent directors of Future Retail Limited (FRL), confirming Samara Capital To buy all the retail assets of a debt-ridden company, Rs. “Remains interested and committed” to invest Rs 7,000 crore and asked the retail firm to submit current due diligence reports to Samara by Sunday, sources said.
On January 19, Amazon contacted FRL’s independent directors and reiterated its desire to help the Mumbai-based company address its financial concerns. In response, Independent Directors asked Amazon to confirm by January 22 that it would pay Rs. 3,500 crore.
Amazon – in its January 22 response – stated: “We confirm that, based on your letter dated January 21, 2022, Samara Capital has reiterated to us that it is interested and committed to leading and advancing the June 30 term sheet.” Is, 2020, signed between the promoters of Samara, FRL and FRL. ”
Term sheet Rs. Considering the purchase of Rs 7,000 crore, according to the letter, a copy of which was seen by PTI.
Relevantly, Samara Term Sheet, through Indian-owned and controlled entity structure, provides for the acquisition of all FRL’s retail assets, including “Small Store Formats”, including the brands ‘Easy Day’, ‘Aadhaar’ and ‘Heritage’. And supported by Amazon, “the e-commerce pioneer said in the letter.
Amazon said the transaction is envisaged in the Samara Term Sheet, which will ensure the availability of funds in FRL as soon as possible through asset sale and equity infusion, which will be a direct antidote to FRL’s debt.
Emails sent to Amazon and Future Group went unanswered.
Amazon insisted in a recent letter that its engagement would not affect the binding nature of the arbitration proceedings and the restraining order passed by the Indian courts, adding that the new transaction would be understood as “dealing with Mukesh Dhirubhai Ambani.”Reliance Industries Ltd.) Group (MDA group) will not proceed and will not be prosecuted; And all assistance will be provided through a legally consistent framework. ”
Future and Amazon have been embroiled in a bitter legal battle since the US e-commerce giant dragged Future Group into arbitration at the Singapore International Arbitration Center (SIAC) in October 2020, arguing that the FRL had breached their agreement by bargaining. Selling his wealth to a billionaire Mukesh AmbaniReliance Retail’s Rs. 24,713 crore on the basis of bearish sales.
Earlier this month, Future Retail said it had offered banks and lenders Rs. The Rs 3,494.56 crore payment deadline has been missed as it has not been able to sell assets due to its ongoing lawsuit with Amazon, which has affected its monetization plans.
In December, the Fair Trade Regulatory Competition Commission of India (CCI) suspended its 2019 approval for Amazon’s deal to buy a 49 per cent stake in FRL’s promoter Future Coupons Pvt Ltd (FCPL). A fine of Rs 202 was levied. Crore on e-commerce major.
CCI’s order has been challenged by Amazon before the National Company Law Appellate Tribunal, which has sent notices to the fair trade regulator and the FCPL. This NCLAT The next hearing is scheduled for February 2.


Source link

Leave a Comment