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Brakes on Rs 24,713-cr RIL-Future deal for now
Reliance Industries Limited
Delhi High Court orders status quo on the mega deal as battle for India's retail market heats up
The Delhi High Court has temporarily restrained Future Group from selling its retail assets to Reliance Industries Ltd, an interim win for Amazon.com Inc, which is opposing the deal with an eye to dominate a large and vital consumer market.
The Delhi High Court on Tuesday ordered the Future Group and Indian authorities to ensure the status of the indebted Indian retailer's assets are maintained as is, putting on hold any further steps toward completing the Rs 24,713 crore sale to billionaire Mukesh Ambani's Reliance conglomerate. Amazon alleges that the deal violates its own contract with Future Group and had filed an urgent petition last week seeking the suspension. The order can be challenged in a higher court.
The freeze bolsters the Jeff Bezos-led e-commerce giant, which had also urged the court to jail Future Group's founder and seize its assets for violating an October order from the Singapore arbitration court. The cash-strapped Indian retailer - it risks bankruptcy if the deal with Reliance fails - is caught between two of the world's richest men as they compete for dominance in India's estimated Rs 73 lakh crore consumer retail market.
The Hight Court said it was of the prima facie view that the Singapore tribunal order, which asked Future Retail to not proceed with the deal, is enforceable in India.
