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Amazon wins Singapore court order to stall $4.6 billion Reliance-Future deal

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SINGAPORE (BLOOMBERG) - Amazon.com secured relief in its dispute with Future Group after a court put a temporary hold on the debt-strapped Indian conglomerate's US$3.4 billion (S$4.6 billion) deal to sell assets to billionaire Mukesh Ambani's Reliance Industries.. Read more at straitstimes.com.

SINGAPORE - Amazon.com secured relief in its dispute with Future Group after a court put a temporary hold on the debt-strapped Indian conglomerate's US$3.4 billion deal to sell assets to billionaire Mukesh Ambani's Reliance Industries.

"We welcome the award of the Emergency Arbitrator," Amazon said."We remain committed to an expeditious conclusion of the arbitration process." Battle lines Amazon drew the battle lines earlier this month when it accused Future of violating a contract between the two sides by agreeing to a buyout by Reliance. The deal would have been a bailout for Future, which faces another potential cash crunch as competition in the Indian retail space intensifies and the economy slows amid the coronavirus pandemic.

 

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