Amazon vs. Ambani makes a cranky plank

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Two of the richest men in the world, arguing over an Indian retailer on the verge of bankruptcy, made so much noise that his board woke up super cranky. In less than a week, the three independent directors of Future Retail Ltd. sent two letters to the country’s competition authority, alleging that Amazon.com had deliberately misled the regulator as to the true nature of its 2019 investment in a related entity. They want the antitrust watchdog to roll back the deal. Future Retail’s 2025 dollar bonds edged higher on Monday, although they are still trading at 61 cents to the dollar. Based on what a Singapore arbitration tribunal has said on the issue of Amazon’s alleged misrepresentation, the maneuver appears to be a long shot. But one can never predict the regulatory share price in India. If the bet succeeds, Asia’s richest businessman Mukesh Ambani could finally get his hands on Future’s retail stores, a deal Amazon boss Jeff Bezos has until present succeeded in blocking through legal proceedings. A abandonment of Amazon’s investment would leave the US retailer without a valid contract to stop the sale of assets to Ambani. Rarely do Indian councils question the legality of the agreements in which they have been involved. the Ambani battle against Bezos. The result could go some way to determining which of the two billionaires would ultimately control India’s $ 800 billion retail market. This is not a war directors can sit down on – not with Future sinking under the weight of 190 billion rupees ($ 2.5 billion) in liabilities and relentless losses that have jumped 80% from to the previous year in the six months until September.

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