- Briefing Your roundup of Asian tech and startup news that matter
Doris Yu · · 1 min readIndian top court stops Reliance-Future $3.4b deal on Amazon appeal
“The Supreme Court has stopped regulatory approval for the Future Group’s US$3.4 billion asset sale to Reliance Industries, effectively halting the deal and marking another victory for Amazon, which wants to scuttle the transaction in its bid to dominate the country’s retail sector,” reported Mint.
Details:
- India’s highest court reversed the regulatory approval for the acquisition deal between Future Group and Reliance Industries.
- The companies have to wait for further orders, and the court will hear the case again after five weeks.
Context:
- Earlier this month, the US ecommerce giant asked for US$40 million to forego its “right of first refusal” to buy Future Group.
- In August 2020, Mukesh Ambani’s Reliance Retail said it would acquire Future Group’s retail, wholesale, logistics, and warehousing business. However, Amazon appealed to stop the asset sale, claiming that the deal was a breach of contract.
Editing by Collin Furtado and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
