Reliance Retail Ventures has delayed the long stop for Future Group deal by another six months, after the deal completion was delayed due to a court battle with Amazon.
As per Economic Times, will buy the retail assets of Future Group on a slump sale basis for about Rs 25,000 crore, reports Economic Times.
Amazon, which owns a 49 per cent stake in Future Coupons a Future Group holding company, has objected to the deal and approached the arbitration court in Singapore, which said it should be suspended pending a final decision. Since the past few months, the transaction is under dispute in the Delhi High Court and the matter is also listed in the Supreme Court and scheduled for hearing on April 27.
Since the past three months, Reliance Retail has started using Future Group’s supply chain unit for its logistics and warehousing needs in the food, groceries and fashion retail businesses, even as both firms await the final approvals for their deal for retail assets from NCLT