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Top Court In India Bars Final Tribunal Ruling On Future’s $3.4B Deal

By  |  February 22, 2021

India’s Supreme Court barred on Monday, February 22, a final ruling by a tribunal reviewing Future Group’s US$3.4 billion sale of retail assets until the top court hears objections from aggrieved partner Amazon.com, reported Reuters.

Amazon appealed to the Supreme Court this month against Future Group’s sale to market leader Reliance Industries, accusing its partner of violating contracts by agreeing to the sale.

The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, could reshape India’s pandemic-hit shopping sector and decide if Amazon can blunt Reliance’s dominance of retail.

Three people familiar with Monday’s proceedings said the Supreme Court ordered that while the tribunal can continue to review the deal and oversee the approval process, it could not pass a final order while the court hears Amazon’s concerns.

“This is a good thing for Amazon,” said one of the sources, who has direct knowledge of events.

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