NEW DELHI : A Singapore arbitration panel has rejected Future Retail's plea to quash an order from last year that put its US$3.4 billion deal with Reliance on hold, in a boost for its partner Amazon.com Inc which is seeking to block the transaction.
After the Singapore arbitrator put the deal on hold in October 2020 in an interim decision, Future had appealed to revoke it. The panel has rejected that application, Future said in a statement to Indian stock exchanges on Friday. The dispute started after Future, India's second-largest retailer with over 1,700 stores, entered into a deal last year to sell its retail, wholesale, logistics and certain other businesses to Reliance, after COVID-19 hit its operations hard.
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