Tag: futuregroup

India’s apex court on Friday ruled in favor of Amazon, as Reliance cannot go ahead with its 24,713 crore deal to buy Future Groups retail assets. The court backed an arbitrator's decision to pause the deal in the Jeff Bezos Vs Mukesh Ambani legal fight. The verdict comes as a big win for e-commerce giant Amazon in the battle for the large Indian market. The US-based company had filed pleas against the merger of Future Retail Ltd (FRL) with Reliance Retail.The Indian Supreme Court said the order by a Singapore arbitration court last year which had ruled to stall the deal between the two Indian giants is enforceable in India.Reliance Retail said a year ago it had reached an agreement with Future Group to acquire the latter’s retail and wholesaler business, as well as its logistics and warehousing business, for $3.4 billion. Read more

Shares of Kishore Biyani-led Future group companies, on Friday, were locked in their respective lower circuit, with no buyers seen on the counters, after the Delhi High Court upheld the Emergency Award passed against the $3.4-billion Future-Reliance deal. The company's shares plummeted a day after the Delhi High Court upheld the Emergency Award (EA) order passed by the Singapore International Arbitration Centre (SIAC) against Future Retail's Rs 24,713 crore deal with a subsidiary of Mukesh Ambani’s Reliance Industries Limited (RIL). As part of the deal, Reliance was supposed to acquire Future’s retail, logistics and warehousing businesses. But global e-commerce giant Amazon had opposed the Future-RIL deal soon after it was announced last year and subsequently secured the EA award against the deal from the Singapore arbitrator. Not just Future Retail but shares of several other Future Group companies fell on the stock market.