How did Reliance really score a win in the Future deal?

The action started around the last week of February when Reliance moved quickly to assume control of the stores of Future group. It may be recollected that Amazon had objected to the merger of Future group into Reliance Retail for not being given the first right of refusal. However, it now looks like Reliance had its Plan-B in place to start taking over the stores if the legal case dragged for too long. This did not even infringe the court order.

In last few years, landlords had insisted that the lease agreements be executed by Reliance. Effectively, Reliance had sub-let all the stores to the Future group. In addition, most of the inventory supplied at all the Future group stores were supplied by Reliance JioMart at extremely liberal terms of credit. With defaults rising, the only option with RIL was to take control of the stores as compensation for rentals. That is how this takeover happened.