Favourable orders for Amazaon, arbitration court stalls Future-RIL deal

New Delhi, Oct 25 : E-commerce major Amazon has got a favourable ruling in Singapore regarding the Reliance Retail’s buyout of the debt-laden Future Group as the deal has been temporarily stalled.
The arbitration panel, in an interim order, has directed the Kishore Biyani-led Future Group not to proceed with the deal with Reliance Retail for now.
“We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process,” an Amazon spokesperson said.
Future Group, however, did not immediately respond on the matter.
In a major turn of events in the buyout of the businesses of the debt laden Future Group by Reliance Retail, e-commerce giant Amazon.com earlier this month stepped in and said that Future Group violated a contract with it by entering into the sale agreement with the Mukesh Ambani-led retail major.
Last year, Amazon acquired a 49 per cent stake in Future Coupons, a Future group entity.