⁍ Singapore arbitration panel has put on hold Future Group’s $3.38 billion asset sale to Reliance Industries.

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⁍ Amazon had alleged the deal between the Indian firms breached some existing agreements.

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– Amazon.com has scored a victory in its battle with India’s Future Group: An arbitration panel in Singapore has halted the Future Group’s $3.38 billion sale to Reliance Industries until an arbitration tribunal is formed, sources tell Reuters. Amazon, which last year bought a 49% stake in Future Coupons, said the deal breached contractual rights, including a right of first refusal. “It’s a comprehensive victory for Amazon,’ a source with direct knowledge of the decision said. “They’ve won an injunction to stop the deal. Two sources familiar with the matter said that the temporary injunction was not automatically enforceable in India and that the order would have to be ratified by an Indian court. In a statement, Amazon said it welcomed the award of the emergency arbitrator. “We are grateful for the order which grants all the reliefs that were sought. We remain committed to the expeditious conclusion of the arbitration process.”