Kishore Biyani, while referring to the Amazon-Future Retail deal, said this was a corporate battle being fought for supremacy over Indian customers.
Future Group Chairman Kishore Biyani.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Future Group Chairman Kishore Biyani on January 29 wrote a letter to his employees, saying that US-based e-commerce giant Amazon is going all out to create a ruckus, reported CNBC-TV18.
Biyani, while referring to the Amazon-Future Retail deal, said this was a corporate battle being fought for supremacy over Indian customers. “Immense resources are being deployed to influence Indian society’s mindset,” Biyani said in the letter.
Read the full text of the letter by Kishore Biyani, Future Retail promoters to Amazon
“The stated and evident policy of vexatious litigation and harassment makes one wonder about the similarity in ruthless ambition to scorch the earth akin to the Greek Alexander – after all, they are inspired to name their product as Alexa,” Biyani wrote.
The Future Group Chairman added that the deal with Mukesh Ambani-led Reliance Retail provides stability and security for our people, vendors, landlords and lenders.
“This deal with Reliance meets our objective of providing stability and security for our people, vendors, landlords and lenders. I chose this option despite the fact that this means there is no gain for the promoters, in fact we are losing business that was painstakingly created with you all over the last three decades,” he said.
He added that they are on the firm legal footing and will not bow down. Hitting out at Amazon, Biyani said the e-commerce giant’s only objective is to create confusion about Reliance deal. “Amazon is hoping to disrupt us, and create greater confusion and uncertainty,” he wrote.
“Their only objective is to create confusion about the deal with Reliance, hoping to disrupt us, and create greater confusion and uncertainty around the future for our ecosystem. For reasons we never believed earlier but quite evident today, this battle is about ownership of the Indian customer at any cost,” he wrote.
Biyani added, “I can fully empathise with you and your family feeling stressed, worried and anxious, reading about the frequent articles in the media and the toll that this uncertainty and delay must be taking on your families. However, let me assure you that we are on firm legal footing.”
Amazon has moved the Delhi High Court seeking enforcement of the award by Singapore’s Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail, which it signed in August 2020.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.