Reliance and Future Group merge: Interim relief to Amazon

(PTI) New Delhi, Ta. Sunday, October 25, 2020

Reliance Industries, India's largest company in terms of market capitalization, and Kishore Biyani Group, a debt-ridden company, were hit hard on Sunday. Following an interim order of the Singapore-based Single Judge Arbitration Panel, Reliance Retail's Future Group was fined Rs. A deal worth Rs 24,713 crore has been shelved while Future Group has been relieved of its arbitration by Amazon.

A Singapore-based single judge arbitration court has ordered Future Group to pay Rs. It has stopped selling its retail business to Reliance Industries for Rs 24,713 crore. Amazon has challenged the decision of Future Group, led by Kishore Biyani, to sell its retail business to Reliance in a Singapore court.

Amazon Vs. Future Group Vs. In the case of Reliance Industries, single judge V. That. King has asked Future Group to suspend its deal with Reliance for the time being, giving an interim ruling in favor of Amazon. The deal cannot proceed until the arbitration court has reached a final decision in the case. An Amazon spokesman also confirmed the arbitration court's decision.

Amazon sent a legal notice to Future Group, alleging that Future Group had breached its contractual obligations by announcing a deal with Reliance Retail. Amazon bought a 49 per cent stake in one of Future Group's unlisted companies about a year ago, including the right to buy a stake in Flagship Future Retail Ltd. after a period of three to 10 years.