Amazon wins, Indian court shelves Future’s $3.4 billion retail transaction Reuters

New Delhi (Reuters)-The Supreme Court of India won a major victory on Friday in the case of Amazon Inc. (NASDAQ:), which tried to prevent its partner Future Group from selling $3.4 billion to rival Reliance Industries. Retail assets.

The outcome of the battle between Amazon’s Jeff Bezos and the faithful Mukesh Ambani, the two wealthiest people in the world, could reshape India’s pandemic shopping industry and determine whether Amazon can Weaken Reliance’s dominant position in the country’s nearly trillion-dollar retail market.

Amazon and Future are in legal dispute over Future Group transaction Existing contracts. Denied any wrongdoing in the future.

The Supreme Court’s two-judge bench stated that a decision made by the Singaporean arbitrator in October to set aside the transaction after finding that Amazon’s objections were justified-was valid and applicable in India.

Amazon considers the order to be binding, while Future considers it to be non-binding. When the two parties reached a $200 million transaction in 2019, they had agreed to use Singaporean arbitrators in the event of a dispute.

After the order was released, Future Retail’s stock price fell 6%, while Reliance Industries’ stock price fell 1.3%.

Future sells groceries in approximately 1,300 of more than 1,700 retail stores in 400 cities. Its economy supermarket caters to the needs of middle-class shoppers, while its high-end stores offer products such as imported cheese and fresh guacamole, which are relatively rare in Indian retail.

This makes Future a valuable asset for Reliance and Amazon.