Reliance defended its abrupt takeover of Future stores

In a supposedly private letter to employees, but seen and reported by Reuters on March 31, Reliance has defended its abrupt takeover of debt-laden Future Retail’s stores. Reliance Industries (RIL) said it was “compelled to act beyond expectations.”

In the letter, dated March 8, RIL stated it went “well and truly beyond what can be expected” to keep Future “out of harm’s way,” and took “significant steps”—including a bailout package worth more than $630 million—to ensure business continuity at Future and make sure there was “no impediment” to the controversial $3.5 billion deal the two companies announced in October 2020.

This is the first time, albeit privately, RIL has defended taking over around 900 Future Retail stores.

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