Amazon offered Future Retail financial aid by writing to the latter’s independent directors that Samara Capital was interested and committed to invest INR 70bn ($942mn) in the troubled retailer. The planned investment involved Samara buying all retail assets of Future Retail after asking the latter to furnish existing due diligence reports by Sunday. Samara is an Amazon-backed PE firm. Amazon added that the new transaction will not affect the binding nature of the injunctions passed in the Arbitration Proceedings and by Indian Courts, as both companies have been at loggerheads regarding the Reliance Retail-Future Retail deal. However, in a latest update, Future Retail’s independent directors are said to be turning down the offer as a “smokescreen”, adding that it was untenable.

Future Retail’s dollar bonds were flat with its 5.6% 2025s at 60 cents on the dollar.

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