India's richest businessman Mukesh Ambani trends after setback from Singapore's arbitration court

26 Octobre, 2020, 08:58 | Auteur: Auguste Feret
  • The ruling marks provides some respite for Amazon

A Singapore arbitration panel has put on hold Future Group's $3.38 billion (roughly Rs. 24,900 crores) asset sale to Reliance, an interim win for Amazon, which had alleged the deal between the Indian firms breached existing agreements.

Legal sources told The Indian Express that the order, issued by an emergency arbitrator of SIAC, will be valid for the next 90 days until an official arbitration panel is appointed.

The tussle between Future and Amazon comes at a time when Reliance has been bolstering its position in the country's retail segment. "We remain committed to an expeditious conclusion of the arbitration process". We are grateful for the order which grants all the reliefs that were sought.

Passing an interim award in favour of Amazon, VK Rajah instructed Future group to put the deal on hold and added that it can not proceed until it finally decides the matter, sources with knowledge of the development told moneycontrol.

As part of the deal, Kishore Biyani-led Future Retail will also sell its supermarket chain Big Bazaar, premium food supply unit Foodhall, and fashion and clothes supermart Brand Factory's retail and wholesale units, to Mukesh Ambani-owned Reliance Retail.

The deal, however, had run into legal trouble with Amazon claiming its "contractual rights" had been violated.

Amazon, last year, had bought a 49 per cent stake in one of Future " s unlisted firms, Future Coupons Ltd, with the right to buy into flagship Future Retail after a period between three and 10 years. "FRL is examining the communication and the order", it said in a press release. Legal experts said, typically, it's the party dissatisfied with the global arbitration order that takes the matter to Indian courts, but Amazon might have to approach the Indian courts too, depending on the final order. "RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay", RRVL said in a statement.

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Amazon drew the battle lines earlier this month when it accused Future of violating a contract between the two sides by agreeing to a buyout by Reliance.

The Indian Express is now on Telegram. As per the deal, Future Retail signed off stake to Reliance Retail Ventures (RRVL) in August 2020.

The ruling marks provides some respite for Amazon as it seeks to halt a deal that could give Mr Ambani, Asia's richest man, unparalleled dominance in the race for India's estimated US$1 trillion consumer retail market.

Future Retail also mentioned that in any enforcement proceedings, the company would take appropriate steps to ensure that the proposed transaction will proceed unhindered without any delay.

The investments equip Reliance Retail with funds to compete in both offline and online formats.

With the launch of its online store JioMart, Reliance Retail entered into direct competition with Amazon in the ecommerce sector.

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