Reliance Industries Ltd said on Thursday it was withdrawing its bid for ailing cooperative retail chain Super Bazar over the government's refusal to hand over management and control.
"We would like to withdraw our offer in view of the government's refusal to change the law," Soli Sorabjee, a senior counsel for Reliance, told the Supreme Court of India.
Reliance, which recently forayed into retail, had bid Rs 2.88 billion for the chain.
Reliance had said at the previous hearing it would not want to invest a huge amount of money unless it had effective management and control over Super Bazar, which would require a change in the existing law for cooperatives.
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