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Saturday, January 16, 2021

India’s ‘Future Retail’ Challenges Amazon in Court

Indian giant Future Retail said in a Sunday statement it has formally challenged its partner Amazon in a New Delhi court in order to stop interfering in its $3.4 billion asset sale deal.

Indian giant Future Retail said in a Sunday statement it has formally challenged its partner Amazon in a New Delhi court in order to stop interfering in its $3.4 billion asset sale deal.

Amazon is locked in a legal dispute with Future Group, which in August sold its retail assets to Mukesh Ambani-led Reliance Industries. The deal breaches agreements made last year by Future.

In a filing to the stock exchange, the Delhi High Court was asked to block Amazon from “misusing” the arbitration order to interfere in the Reliance deal. While further details about the challenge were not disclosed, the filing pointed out it had made all entities who were part of the arbitration proceedings as parties to its latest suit, but was seeking relief only against the US retail juggernaut.

Amazon says its 2019 deal in which it invested nearly $200 million in a Future unit had clauses saying the Indian firm wasn’t able to sell its retail assets to anyone on a “restricted persons” list, which included Reliance. 

Future has said the agreement with Reliance was critical to rescue its ailing retail business which has been hit by the COVID-19 pandemic.

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