India's Supreme Court handed Amazon a major victory in a dispute where it sought to block its partner Future Group from selling $3.4 billion in retail assets to rival Reliance Industries by AbhirupRoy30 AdityaKalra
The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, is seen
Amazon had argued that the order is binding, while Future had argued it was not. Both sides had agreed to use the Singapore arbitrator in case of disputes when Amazon invested $200 million in a unit of Future in 2019. The arbitration proceedings are still ongoing.were up 6% ahead of the ruling, but tanked 10% and hit a lower-circuit breaker in Mumbai trading after the order. Reliance Industries fell as much as 2.3%.
Future is still trying to convince a Singapore arbitration panel to revoke the October interim decision stalling the deal, a lawyer involved in the case told Reuters on Friday. That decision is expected in coming weeks.
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