FRL's independent directors accept Reliance's bailout offer, reject Amazon

Independent directors of Kishore Biyani-led Future Retail Limited told Amazon its offer to provide Rs 3,500-cr funding was 'a game of smoke and mirrors'

The independent directors of Kishore Biyani-led Future Retail Limited (FRL) have accepted the transaction with billionaire Mukesh Ambani-led energy-to-telecom conglomerate Reliance and rejected the proposal of US e-commerce giant Amazon for investment in FRL.

The independent directors have written to Amazon saying that they have accepted the transaction with Reliance as it addressed the needs of funds to pay off public sector bank lenders and suppliers of goods.

“It (Reliance's offer) helps FRL to meet almost all FRL’s liabilities and in the process helps protect the investment of small shareholders and jobs of over 25,000 employees,” said FRL’s letter, dated