NEW DELHI: Amazon has been added to the list of companies that have been outmaneuvered by Mukesh Ambani’s juggernaut. Not only has he jolted the US giant in the fight to dominate India’s retail sector, he now holds all the cards in a $3.4 billion dogfight to buy a local cash-strapped retailer.
In late February, Reliance Industries quietly began poaching employees and taking over rental leases of hundreds of stores once run by Future Retail and Future Lifestyle Fashions, even as Amazon furiously tried to block formal acquisitions through lawsuits and arbitration across India and Singapore.
