E-commerce giant Amazon has been a dominator in the Indian market, and the company has also made some bigger headlines in the country after the Delhi High Court ruled to block Future’s retail deal worth $3.4 billion to sell its assets to Reliance Industries.
The decision made by the court could be seen as a major setback for the struggling Future group that is the second largest retailer in India with over 1,700 stores. Last year, the Future group finalized a deal with Reliance Industries to sell its retail business for Rs. 24,713 crore ($3.4 billion).
Amazon is one of the shareholder in the Future group and one of the clause of the previous deal made in 2019 between the two company notes prohibiting the Indian retailer from selling their assets to anyone on a “restricted persons” list that included Reliance.
This legal battle between the two largest corporation in the country will define who will dominate in this category of business, Reliance Industries holds a strong retail network in the country with over 12,000 stores.
Update: Future Group challenges court order blocking its Reliance deal in dispute with Amazon
Source: Economic Times