Founders of Amazon Partner in India Breached Terms on Loans
- Future Group founders in talks with creditors to fix the issue
- Pandemic highlights risks posed by share-backed debt in India
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The founding family of Amazon.com Inc.’s brick-and-mortar retail partner in India breached loan terms, according to people with knowledge of the matter, as market turmoil from the coronavirus pandemic adds to financial strains in the country.
At issue are the loans taken by the founding Biyani family of the Future Group, which comprises listed companies including Amazon partner Future Retail Ltd. The loans were backed by shares in the family’s listed units, but are in breach of terms including collateral cover requirements, the people said, asking not to be identified as the details are private.