CAIT urges DPIIT to penalise Amazon, Flipkart for alleged violations
NEW DELHI: The Confederation of All India Traders (CAIT) has written to the Department for Promotion of Industry and Internal Trade (DPIIT) to take action against e-commerce major Amazon and Flipkart for alleged violation of FDI and FEMA norms. In a letter to the DPIIT Secretary, Guruprasad Mohapatra, the traders’ body said: “Our association has […]
Amazon fires several employees in Prime Air drone project: Report
SAN FRANCISCO: E-commerce behemoth Amazon has fired several employees who were part of its Prime Air drone delivery project, Financial Times reported on Thursday. According to the report, the company has laid off “dozens” of employees working on the firm’s drone project while also seeking out manufacturing deals with third party vendors. The company is […]
Amazon asks Sebi, bourses to note arbitration ruling on Future-RIL deal
NEW DELHI: E-commerce giant Amazon has written to markets regulator Sebi and stock exchanges, urging them to take into consideration the Singapore arbitrator’s interim judgement that has put on hold the Rs 24,713-crore deal between Future group and Mukesh Ambani’s Reliance Industries Ltd while reviewing the proposed transaction, according to sources. The sources said that […]
Confidentiality clause latest flashpoint in Amazon-Future Group dispute
NEW DELHI:A confidentiality clause in the agreement between Amazon and Future Group may be the latest flashpoint in the ongoing dispute. As per the agreement between Amazon and Kishore Biyani’s Future Group companies, there is a confidentiality clause which says, “No party or person involved in any way in the creation, coordination or operation of […]
Amid battle with Amazon, Future Retail sees liquidation if RIL deal fails
NEW DELHI: As a Singapore arbitration court has temporarily halted the acquisition process of Future Group’s retail business by Reliance Retail, there has been speculation over what happens to Future Retail if the deal does not actually go through. Future Retail’s representative told the arbitration panel that if the deal with Reliance Retail fails, then […]
Amazon flexes muscles but Reliance holds deep war chest
NEW DELHI: The face-off between Mukesh Ambani-led Reliance Industries Ltd (RIL) and Jeff Bezos-run behemoth Amazon over the retail assets of Future Group in India has once again exposed the ambition of the so-called “gatekeeper for e-commerce” to keep the reins of a growing retail market in the country in its hands. The legal battle […]
Deal with RIL in line with Indian laws, not party to agreement with Amazon: Future
NEW DELHI: After a Singapore arbitration court ordered a temporary stay on Reliance Retail’s acquisition of the debt laden Future Group’s retail business, the latter has said that the deal with Reliance Retail is in consonance with Indian laws. It further said that it is not a party to the agreement under which Amazon has […]
Future-RIL deal: Amazon gets a favourable ruling in arbitration case
NEW DELHI: Jeff Bezos-led Amazon has won a favourable ruling for its plea in Singapore against Kishore Biyani-headed Future Group striking a deal with Mukesh Ambani-led Reliance Industries Ltd (RIL). Future has been told not to proceed with its sale of shares to RIL till the outcome of the arbitration process, according to the sources. […]
Amazon takes on Future group over deal with Reliance Retail
NEW DELHI: In a major turn of events in the buyout of the businesses of the debt laden Future Group by Reliance Retail, e-commerce giant Amazon.com, Inc has stepped in and said that Future Group violated a contract with it by entering into the sale agreement with the Mukesh Ambani-led retail major. “We have initiated […]
Amazon creates over 1 lakh jobs ahead of festive season
NEW DELHI: Amazon India on Wednesday said that it has created more than 1 lakh seasonal job opportunities across its operations network in the country ahead of the festive season. The new associates will join Amazon’s existing network of associates and support them to pick, pack, ship and deliver customers’ orders safely and efficiently, the […]
Indian among six indicted in Amazon bribery case in USA
By Lalit K Jha WASHINGTON:Six people, including an Indian national and an Indian-American, were indicted by a US grand jury on Friday with conspiring to pay over USD 100,000 in commercial bribes to employees and contractors of Amazon for unfair competitive advantage on its merchant platform. According to the indictment, all the six accused used […]
Khadi Commission forces Flipkart, Amazon, Snapdeal to remove fake khadi products
NEW DELHI: Khadi and Village Industries Commission (KVIC) on Saturday said its firmness has forced e-commerce portals like Amazon, Flipkart, Snapdeal and others to remove over 160 web links selling products in the brand name of ‘Khadi’. The development comes in wake of KVIC serving legal notices to over 1,000 firms using ‘Khadi India; brand […]
Amazon to hire 100,000 more workers in its latest job spree this year
By Jeffrey Dastin Amazon.com Inc on Monday said it is recruiting 100,000 more workers – the fourth hiring spree it has announced for the United States this year – to keep pace with e-commerce demand that jumped during the pandemic. The world’s biggest online retailer said the positions are for full and part-time work in […]
RIL offers up to 40% stake in Reliance Retail to Amazon
NEW DELHI: Reliance Industries Ltd (RIL) is reported to have offered a 40 per cent stake in its retail arm worth about USD 20 billion to Amazon.com, Inc. Bloomberg News citing a source reported that “Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd unit and has expressed interest in negotiating […]
Amazon to invest $18 billion this year to help SMBs grow
SEATTLE: Amazon has announced to invest $18 billion this year to help small and medium businesses (SMBs) scale their operations and grow. In the next 12 months, the e-commerce behemoth will provide more than 500,000 SMBs in the US currently selling on Amazon, with online selling guidance, education, and support and the company plans to […]
Amazon’s Hyderabad campus still has space for 8K employees: Report
HYDERABAD: Amazon’s Hyderabad campus, which is its biggest so far in the world, still has the capacity to accommodate 8,000 employees, according to a new report in The New York Times. This 15-story campus — three amenity floors and 12 office floors — which opened last year has the capacity to accommodate 15,000 employees and […]