Delhi High Court has recently put a brake on Future Group’s attempt to sell its retail assets to Reliance. It is learned that efforts are underway to sell Future Group’s retail assets to Mukesh Ambani-led Reliance for $ 3.4 billion.
If the deal goes through, Reliance will have a better chance of challenging Amazon’s dominance in the e-commerce space.
However, Amazon has been opposed to the deal from the beginning. Amazon argues that the deal is completely contrary to a previous agreement between Future Group and Amazon. The Singapore Arbitrator also ruled in favour of Amazon.
Interim orders were issued to maintain the status quo until a final verdict is reached. However, the Delhi High Court has issued fresh orders considering the matter.
The High Court observed that the judgment of the Singapore Arbitrator was applicable in India as well.