New Delhi: Amazon has requested retail of the future (FRL) to provide financial details to Samara Capital for accelerated thorough tests, because they want private equity players to pump RS 7,000 Crore to a company promoted by Kishore Biyani.
Retailers tied with cash, gradually in a two-year legal battle close to Amazon, staring default as a grace period for paying the RS 3,500 crore in contributions to lenders ending on January 29.
Total Obligations for Rs to RS 9,119 Crore for interest and principal payments until March 2022.
“Transactions imagined in Samara Term Sheet will ensure the availability of funds in the earliest FRL, through the sale of assets and equity infusion, which will become a direct antidote to debt,” Amazon wrote in the letter on January 22.
“Samara and Amazon believe that if the Director Independent and FRL provide direct access to FRL information and records and fully work together in discussions, the transaction referred to in Samara term.
Sheets can be implemented in an accelerated manner.
“The term sheet on 30 June 2020, signed between Samara, FRL and Promoter FRL .
It gives the acquisition of all retail FRL assets for RS 7,000 Crore, including “small shop formats” through the structure of the entity owned and controlled by India led by Samara and supported by Amazon, according to US e-tailers.
“The term sheets are rejected.
Amazon’s willingness to help FRL is a smoke and mirror game.
Reliance has offered RS 25,000 Crore and ONEFERER only offers Rs 7,000 Crore.
They think we are children.
We will not accept it,” Ravindra Dhariwal, one of the independent directors Threemember at FRL, told Toi.
Amazon further compared the structure of the acquisition of Samara-Amazon with a lifestyle of Reliance and Fashion knitting that announced his decision to buy FRL in August 2020 for RS 25,000 Crore, the proposed deal tried by Amazon.
Amazon argues that the agreement that rely on the future violates the provisions of his contract with FRL and Reliance is a “limited” party.