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11 lakh people to lose jobs if Future-Reliance deal tanks

FMCG distributors and traders association stated that 11 lakh people will lose their jobs if the Future Retail-Reliance deal falls through.

Moreover, Future Group comprising around 2,000 stores in over 450 cities across India will shut shops if the deal terminates.

This will result in about 6,000 vendors and suppliers losing their biggest customer.

Earlier, Reliance had assured to pay the dues of all vendors and suppliers as per the deal’s agreement.

It is imperative to safeguard the people engaged in businesses and jobs for supplying to Future Retail.

Currently, Amazon and Future Group are fighting a legal battle according to reports.

The dispute is over the sale of it’s retail, logistics and warehousing assets to Reliance Retail Ventures (RRV).

However, this is for a whopping amount of Rs 24,713 crore where RRV is a unit of Reliance Industries.

Further, Amazon has declined giving consent to such a transaction stating that the deal breached some existing agreements.

The American multinational tech company owns a 49 percent stake in Future Coupons which is an unlisted company.

Currently, Amazon’s frequent litigations and road blocks are making it more challenging to close the deal.

In fact, the tanking of the deal will drastically impact lives as many will lose their livelihood.

Future Group and Reliance are working relentlessly to ensure that all businesses continue to function irrespective of the circumstances.

This is to prevent employees and suppliers from losing their jobs and livelihoods.

The businesses include Big Bazaar, EasyDay, Nilgiris, Central and Brand Factory, among others.

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