⁍ Singapore arbitration panel has put on hold Future Group’s $3.38 billion asset sale to Reliance Industries Ltd.
⁍ Amazon received an emergency order to halt the companies from proceeding with the deal.
– Amazon.com has scored a major victory in its battle with India’s Future Group: An arbitration panel in Singapore has halted the Future Group’s $3.38 billion sale of its retail assets to Reliance Industries until an arbitration tribunal is formed, sources tell Reuters. Amazon, which last year bought a 49% stake in a Future Group subsidiary, says the deal breached contractual rights, including a right of first refusal. “It’s a comprehensive victory for Amazon,” a source says. “They’ve won an injunction to stop the deal.” Reliance says it plans to complete the sale, which includes debt, without any delay. “RRVL has entered into the transaction for acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law,” the company said in a statement.
Source: https://www.reuters.com/article/india-reliance-amazon-com/amazon-wins-arbitration-order-against-futures-deal-with-reliance-idUSKBN27A0R8