In Huge Battle With Reliance, Amazon's Big Win In Supreme Court

Friday, 6 August 2021Newsdesk

In a big win for Amazon, the Supreme Court today said Reliance cannot go ahead with its $3.4 billion deal to buy Future Group's retail assets. The Supreme Court said a Singapore arbitrator's decision to hold the sale of Future Retail is enforceable.

New Delhi, 06 August 2021

As per news report of NDTV, Amazon had taken partner Future Group to court saying it violated contracts by agreeing to sell retail assets to market leader Reliance Industries last year for over Rs. 24,731 crore. Future denied any wrongdoing. The Singapore Emergency Arbitrator had in October 2020 restrained Future Retail from going ahead with its merger with Reliance Retail. The Supreme Court today said that directive is valid. The Singapore arbitrator has heard the case and has yet to announce a final decision.

Source -NDTV