Amazon India opposes the deal between Future Retail and Reliance Retail Ventures, writes to SEBI

Last updated on February 20th, 2023 at 01:16 pm

Amazon’s Indian arm has written to SEBI (Securities and Exchange Board of India), BSE and NSE (National Stock Exchange) urging them not to approve the deal between Future Retail and Reliance Retail Ventures.

The global e-commerce giant has written in the letter to the three organizations to keep into consideration the interim order passed by emergency arbitrator of the Singapore International Arbitration Centre (SIAC). Under this order the Future Retail group is barred from entering into any deal with the Reliance Retail Ventures. The letter also mentions that the order passed by SIAC apart from barring Future Group companies to enter into the deal which was announced on August 29, also said that they should not move any tribunal or courts in India or elsewhere.

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An official said, “The letter has also said that SEBI, BSE and NSE should be aware of the international repercussions that Indian businesses may face if an order passed by a tribunal such as SIAC is not followed in India.”

SIAC’s emergency arbitrator had passed an interim on October 25, restraining Future Group and Reliance Industries Limited from going ahead with the Rs 24,713-crore deal which was signed in August for Future Retail to sell its retail, wholesale, logistics and warehousing units to Reliance Retail and Fashionstyle. This was until a permanent arbitration tribunal was formed in 90 days.

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