According to this agreement, it has been said to buy for Rs 7,000 crore. Amazon said that all retail assets of FRL are to be acquired under the Samara agreement.
Amazon has written a letter to the independent directors of Future Retail Limited (FRL) saying that Samara Capital is ready to invest Rs 7,000 crore to buy all the retail assets of the debt-ridden company FRL. According to sources, he said that Amazon has asked the retail company to submit the investigation report (financial details related to the purchase) to Samara by Sunday. Earlier on January 19, Amazon had contacted independent directors of FRL expressing their willingness to help in resolving the company’s financial concerns.
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In response, the Independent Directors asked Amazon to confirm by January 22 whether it would invest Rs 3,500 crore in the retail company to pay off FRL’s lenders by January 29, 2022. In its reply on January 22, Amazon said, “We confirm that based on your letter dated January 21, 2022, Samara Capital has once again informed us that it is interested in and is in contact with the promoters of Samara, FRL and FRL.” Beach is committed to taking forward the offer signed on 30 June 2020.
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All retail assets to be acquired
According to this agreement, it has been said to buy for Rs 7,000 crore. Amazon said in its letter that under the Samara agreement, all retail assets of FRL are to be acquired, including the Easy Day, Aadhaar and Heritage brands. The acquisition will be done by an Indian-owned and controlled entity led by Samara, backed by Amazon. Emails sent to Amazon and Future Group in this regard did not elicit any response.
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