Last year, a deal worth more than Rs 24 thousand crore was signed between Future Group and Reliance Retail. However, e-commerce company Amazon has objected to this deal.
American e-commerce company Amazon is doing everything to stop the deal between Reliance Industries and Future Group. This is the reason why Amazon has filed a petition in different courts to stop the deal. Now once again, Amazon has approached the court. Let us tell you that the head of Reliance is Mukesh Ambani, while the founder of American company Amazon is the wealthiest person in the world, Jeff Bezos. Apart from this, Future Group is commanded by Kishore Biyani, popularly known as Retail Market King.
What is the matter: According to Future Retail, a retail company of Future Group, Amazon has filed an application in the Supreme Court against the order of Delhi High Court. According to Future Retail, the company’s attorneys got the information in this regard on April 13, 2021 from NV Investment Holdings LLC, the lawyers of Amazon.com. Future Retail further stated that she would contest the case through her lawyers and present her case.
In fact, on March 22, the High Court stayed the order of the single judge. In the order, Future Retail was prohibited from entering into an agreement to sell its business with Reliance Retail. After the High Court’s decision to stay, the deal between Reliance and Future Group once again looked forward to moving forward. However, now the case seems to be moving forward with Amazon going to the Supreme Court.
The verdict was given in favor of Amazon: Let me tell you that the single judge gave the verdict in favor of Amazon on his petition. The petition urged the Singapore Emergency Emergency Arbitration Tribunal to direct its implementation. The arbitration tribunal in its judgment on October 25, 2020, asked Future Retail not to pursue a Rs 24,713 crore deal with Reliance Retail.
What is the matter: Last year, there was a deal of more than 24 thousand crore rupees between Future Group and Reliance Retail. Under this, Reliance has to acquire the retail and logistics business of Future Group. However, e-commerce company Amazon has objected to this deal. The reason for Amazon’s objection is a deal.
Let us tell you that in August 20019, an agreement was made to buy 49% stake of Future Coupons Limited, an unlisted company of Amazon Future Group. Future Coupons holds a 7.3% stake in Future Group’s listed company Future Retail. Based on this, Amazon has opposed the deal between Reliance and Future Group.
