Amazon has dragged Kishore biyani led future retail group to arbitration court after it unfairly fixed to sell 49 percent stakes to reliance after confirming a deal with amazon.
Tech giant Amazon on sunday has won a major case against future retail group after the arbitration court has stalled the deal between future-reliance industries amounting to 24,713 crores.
Singapore based arbitration court bench comprising judge VK Rajah passed the order by favouring amazon in his announcement that, this deal couldn’t go further without future retail’s interference to resolve the matter with amazon. The dispute between future group and amazon rose when amazon had earlier fixed a deal to buy 49 percent stakes with future’s unlisted firms with the right to buy into Flagship Future retail after a period of three to ten years while the kishore biyani led firm signed a pact with Reliance industries to handover its operations of retails, warehouse unit, wholesale and logistics to Mukesh ambani’s firm.
Expressing his relief, the amazon spokesperson said in his statement that, ” We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process.”
In the meantime, Reliance Industries Limited branch, Reliance retail ventures limited (RRVL) said in its response that it has realised the arbitration court’s judgement approached by amazon and will completely abide by its terms and agreements to ensure the full transaction to future group without any further delays.
As per reports, a three member judged arbitration panel will be alloted to each future and reliance group while the rest one will act as a neutral, would resolve within 90 days from appointment.
RRVL ( Reliance retail venture limited) runs India’s largest and fastest growing supermarket chains including electronic stores that operates about 12,00 stores in 7,000 towns with a footfall of around 640 million across every categories.