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Yahoo BusinessOct 25, 2020
Amazon Wins Order to Stall $3.4 Billion Reliance-Future Deal
(Bloomberg) -- Inc. secured relief in its dispute with Future Group after a court put a temporary hold on Future's $3.4 billion sale deal with Indian billionaire Mukesh Ambani's Reliance Industries Ltd.An arbitration court in Singapore restrained Future Retail Ltd. and its founders from going ahead with the sale of assets, according to people with knowledge of the matter, who asked not to be identified as the proceedings were private. The ruling was on Amazon's request for an interim order before main tribunal hearings start.In an emailed statement late Sunday in Mumbai, Amazon said it got all the relief it sought, without providing specifics. "We welcome the award of the Emergency Arbitrator," Amazon said. "We remain committed to an expeditious conclusion of the arbitration process."Representatives for the Future Group declined to immediately comment when reached outside of business hours in India.The ruling marks some respite for the American e-commerce giant as it seeks to halt India's biggest retail deal that can give Ambani, Asia's richest man, unparalleled dominance in the race for India's estimated $1 trillion retail market. Ambani's Reliance is already India's biggest brick-and-mortar retailer and has ambitious plans for the online segment, where it'll take on Amazon.Battle LinesAmazon drew the battle lines earlier this month when it accused its partner, Future Group, of violating a contract by agreeing to a buyout by Reliance. The deal was a bailout for the Future Group, which
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