Reliance Industries Limited has stated that the company will complete the deal with Future Group without delay after a Singapore arbitration panel ruled in favour of Amazon to stay the stake sale on Saturday. In a statement issued late on Saturday, Reliance Retail Ventures Limited (RRVL), the retail division of Reliance Industries, said that it entered into the transaction under proper legal advice and the rights and obligations are fully enforceable under Indian Law.
As reported by the PTI, Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single-judge arbitration panel put the deal on hold. Amazon, which had agreed to buy 49 pc of one of Future's unlisted firms last year with the right to buy into flagship Future Retail Ltd after a period of 3 years to ten years, had dragged Future to arbitration after the indebted Kishore Biyani group firm inked an agreement to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance. Reliance Retail Ventures is informed of an interim order passed by the Emergency Arbitrator in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future group, the statement said.
Looking to the shares of Reliance Industries on the National Stock Exchange (NSE), today morning session, it quotes Rs.2373.60 per share, down by Rs.39.45 per share from the previous closing.
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