![]() ![]() "However, the Statutory Authorities/Regulators are directed to take the decision on the applications/objections in accordance with the law."Īmazon emailed a one-line statement welcoming the verdict, while Future said it was consulting with legal advisors. " the court said in its written order about the Future petition. If the deal with Reliance goes ahead, it will delay Amazon's goal of capturing India's massive groceries market that Forrester Research estimates will be worth $740 billion a year by 2024. The pursuit of Future Retail Ltd (FRTL.NS) has been billed as the battle of the billionaires - namely Amazon's Jeff Bezos and Reliance's Mukesh Ambani. ecommerce leader in 2019.Īnalysts expect the Reliance deal, which has now cleared anti-trust hurdles, to go through despite the High Court of Delhi on Monday dismissing a plea from Future to restrain Amazon - which owns a small indirect stake in Future Retail - from interfering in the transaction. Hammered by the coronavirus pandemic, Future sold its retail assets to oil-to-clothes conglomerate Reliance in August but Amazon said the deal breached agreements Future made with the U.S. partner Inc (AMZN.O) to raise objections to it. MUMBAI, Dec 21 (Reuters) - An Indian court on Monday left it to regulators to decide the fate of the $3.38 billion sale of Future Group's retail assets to Reliance Industries Ltd (RELI.NS), but allowed U.S.
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