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21-10-2021, 09:59 AM
October 20, 2021
9:40 PM +08
Last Updated 13 hours ago
By Aditya Kalra
NEW DELHI, Oct 20 (Reuters) - Future Retail must take part in arbitration over a commercial dispute with Amazon.com Inc (AMZN.O), a Singapore arbitration panel ruled on Wednesday, rejecting the Indian retailer's bid to avoid the process.
Amazon is trying to block Future's $3.4 billion sale of its retail assets to Indian market leader Reliance Industries, accusing it of breaking contracts.
......
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.
Amazon had its sights on ultimately owning some of Future's retail assets itself. It has argued a 2019 deal it had with a Future unit contained clauses prohibiting the Indian group from selling its retail assets to anyone on a "restricted persons" list that included Reliance.
......
The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, could reshape India’s pandemic-hit shopping sector and help determine whether Amazon can blunt Reliance's dominance of India's almost one trillion-dollar retail market.
https://www.reuters.com/technology/singa...021-10-20/
9:40 PM +08
Last Updated 13 hours ago
By Aditya Kalra
NEW DELHI, Oct 20 (Reuters) - Future Retail must take part in arbitration over a commercial dispute with Amazon.com Inc (AMZN.O), a Singapore arbitration panel ruled on Wednesday, rejecting the Indian retailer's bid to avoid the process.
Amazon is trying to block Future's $3.4 billion sale of its retail assets to Indian market leader Reliance Industries, accusing it of breaking contracts.
......
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.
Amazon had its sights on ultimately owning some of Future's retail assets itself. It has argued a 2019 deal it had with a Future unit contained clauses prohibiting the Indian group from selling its retail assets to anyone on a "restricted persons" list that included Reliance.
......
The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, could reshape India’s pandemic-hit shopping sector and help determine whether Amazon can blunt Reliance's dominance of India's almost one trillion-dollar retail market.
https://www.reuters.com/technology/singa...021-10-20/
