Reliance Industries Ltd emphasised its position on the proposed acquisition of the Kishore Biyani's Future Retail assets, and said that it will complete the transaction at the earliest
Reliance Industries Ltd emphasised its position on the proposed acquisition of the Kishore Biyani’s Future Retail assets, and said that it will complete the transaction at the earliest. RIL’s statement came shortly after an emergency arbitrator in Singapore ruled in favour of Amazon, and put the RIL-Future deal on hold. “RRVL (Reliance Retail Ventures Ltd) intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay,” RIL said in a statement late last night.
The Singapore International Arbitration Centre (SIAC) has put the deal of Future group selling retail business to Mukesh Ambani’s RIL for Rs 24,713 crore, on hold. RRVL on Sunday was informed of an interim order passed by the Emergency Arbitrator in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future group, the company said in a press release. “RRVL has entered into the transaction for the acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law,” RIL said in a press release.
The Jeff Bezos-led company had slapped a legal notice on Kishore Biyani’s Future Group, alleging that the retailer’s Rs 24,713 crore asset sale to Mukesh Ambani’s RIL violated an agreement with the e-commerce giant, after a hearing of the arbitration took place at the Singapore International Arbitration Centre (SIAC) on October 16, this year.
On August 29, 2020, Future Group had announced the sale of its retail, wholesale and logistics businesses to Reliance Retail Ventures Ltd (RRVL). According to a PTI report, last year Amazon had bought a 49 per cent stake in one of Future’s unlisted firms, Future Coupons Ltd, with the right to buy into flagship Future Retail after a period between 3 and 10 years. Future Coupons owns a 7.3 per cent stake in Future Retail.