Future-RRVL deal stalled; RRVL says ‘intend to enforce rights & complete transaction’ (Ld)

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.
Reliance Retail Ventures Ltd in a statement said that it 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.
“RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay,” it said.
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.