Amazon urges SEBI to withdraw approval for Future Retail (FRL) assets sale

31th August 2021, Mumbai:

Amazon.com has urged India's market regulator SEBI to withdraw the conditional approval given to Future Group's $3.4 billion retail assets sale to Reliance Industries, citing a court ruling in the US company's favor .

The letter marks the latest twist in the bitter legal spat involving two of the world's richest men, Jeff Bezos, Founder, Amazon and Mukhesh Ambani, Chairman and Managing Director, Reliance Industries.

The eventual outcome is seen reshaping India's pandemic-hit shopping sector and deciding whether Amazon can blunt Reliance's dominance of the country's nearly trillion-dollar retail market.

Amazon has for months been locked in a dispute with Future, accusing India's second-largest retailer of violating some pre-existing contracts by selling its retail assets to market leader Reliance Industries last year.

The Supreme Court this month dealt a blow to Future Retail when it said an interim decision by a Singapore arbitrator in October 2020 was valid and enforceable in India. Amazon had filed the complaint leading to the arbitration ruling, which put Future's deal with Reliance on hold.

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